The news originates from The Wall Street Journal, who earlier today reported that the Cineworld Group is preparing to file for bankruptcy. The news was then reported by Sky News.
Many cinemas have struggled after the pandemic now that streaming services have become so popular and produce their own films with Hollywood A-listers. Only yesterday, Sky News reported that Cineworld is blaming the lack of blockbusters for their shrinking revenue.
In a statement, Cineworld said: “These lower levels of admissions are due to a limited film slate that is anticipated to continue until November 2022 and are expected to negatively impact trading and the group’s liquidity position in the near term.”
Cineworld Group owns the Picturehouse chain as well as Cineworld cinemas in the UK of course, but also Regal over in the US. Cineworld’s share prices have also fallen dramatically recently.
The news about bankruptcy is devastating for lovers of cinemas, but also to be expected. There was a small glimmer of hope back in March as Cineworld announced their end of year results, thanks to No Time To Die and Spider-Man: No Way Home, but it has been a tough year so far for cinemas all around.
Like many, Cineworld had pinned their hoped on this year’s blockbusters such as Top Gun: Maverick and Thor: Love and Thunder. While Top Gun is still continuing its miraculous journey in cinemas, Thor severely under-performed, both commercially and critically, killing any dreams of revitalising the summer cinema market.
Cineworld Group has over 9000 screens over 751 venues in 10 different countries. Cineworld Group hasn’t officially announced the bankruptcy, as The Wall Street Journal only cited “an insider” as their source.
