Cineworld prepares for bankruptcy after cinema audiences plummet

Cineworld is on the brink of collapse and plans to file for bankruptcy in the UK and US

It’s the second largest cinema store in the world (Image: Getty Images)

Cineworld Group is expected to file for bankruptcy within weeks, a new report suggests.

The world’s second-largest box office will file a Chapter 11 petition in the US, an “insider” has said.

It is also considering filing for bankruptcy in the UK, the Wall Street Journal claims.

It comes after bosses failed to attract enough moviegoers back following Covid lockdowns.

The company’s market value has more than halved and it faces more than £4 billion in debt after profits plummeted during the pandemic.

Cineworld has not yet commented and Metro.co.uk has contacted the company.

The cinema chain has 751 locations with 9,000 screens in 10 countries.

This is breaking news – more to come…

https://metro.co.uk/2022/08/19/cineworld-preparing-to-file-for-bankruptcy-after-cinema-audiences-drop-17212331/ Cineworld prepares for bankruptcy after cinema audiences plummet

Justin Scacco

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