Cineworld: future of three Glasgow cinemas under threat
Question marks are hanging over the future of three cinemas in Glasgow.
According to reports, the Cineworld Group is set to file for bankruptcy.
The cinema chain, the second biggest in the world, has three branches in Glasgow - at the Silverburn and Forge shopping centres, and in the city centre on Renfrew Street.
The Wall Street Journal reports that Cineworld Group is preparing to file for bankruptcy as it struggles to rebuild attendance from pandemic lows, citing people familiar with the matter.
The company is listed on the London Stock Exchange as CINE.
Earlier this week, Cineworld warned audience numbers have been weaker than expected and predicted they will stay low until November due to “limited” film releases.
In a statement the firm said: “Despite a gradual recovery of demand since reopening in April 2021, recent admission levels have been below expectations.
“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.”
The business was saddled with 4.8 billion dollars (£4 billion) of debt at the end of the last financial year.