Movie chain Cineworld will file for bankruptcy

Movie chain Cineworld will file for bankruptcy

British cinema chain Cineworld, the world’s second-largest cinema chain, is set to file for bankruptcy, a US business newspaper reports. Wall Street Journal Based on its sources. Cinemaworld, like many other cinema chains, has low attendance. Moviegoers are struggling to find their way to theaters following the pandemic.

A few days ago, the London Stock Exchange-listed company announced disappointing results due to a lack of blockbuster films and predicted lower attendance in the coming months. This will make debt reduction more difficult.

Cineworld has 751 branches in ten countries including UK, Ireland, Czech Republic, Slovakia, Hungary, USA and Israel.

Belgian cinema chain Kinepolis on Thursday announced its first net profit since the start of the Covid-19 pandemic. A profit of 9.1 million euros was recorded in the first six months of this year. Eddie Duquen, head of the group, underlined that Kinepolis is in a solid financial position. “We can cope with a decrease in the number of visitors“He said. Kinepolis is also considering making more acquisitions, but Cineworld is not interested in (the parts).”We won’t buy trouble“, the CEO said on Thursday.”We want to carefully grow again.”

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