Oct 4, 2020
Cineworld Drawing Up Plans to Close All U.K. Sites: Sunday Times
Bloomberg News
,(Bloomberg) --
Cineworld is drawing up plans to close all its U.K. sites, the Sunday Times reported, citing sources familiar with the discussions.
- The move would put as many as 5,000 jobs at risk
- Company is writing to Prime Minister Boris Johnson and Culture Secretary Oliver Dowden this weekend to say the industry has become “unviable” due to film studios postponing big-budget releases
- Company expected to announce decision Monday
- Majority of staff will be asked to accept redundancy, with possible incentives to rejoin the company when theaters reopen
- Cineworld declined to comment to the Sunday Times
- NOTE: Oct. 2, New James Bond Film ‘No Time to Die’ Is Delayed Until 2021 (3)
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