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Cineworld closes its halls, 45 thousand people may be affected by the decision

Cineworld, the world’s second largest cinema chain. It is temporarily closing all movie theaters in the UK and USA. The status of the 45 thousand personnel working in the company is uncertain.

Cineworld, the second largest cinema chain in the world, has been experiencing a decrease in demand due to the postponement of new movie promotions and the coronavirus.

It will temporarily close all movie theaters in the UK and the USA this weekend.

Cineworld at all 536 Regal theaters in the USA and from 8 October. Stated that his operations at 127 Cineworld and Picturehouse theaters in the UK will be suspended.

The company also stated that its main business priorities are to reduce costs and retain the money it has.

Before the pandemic, the company that provided 37 thousand jobs worldwide and 5500 people in the UK. There are 127 Regal movie theaters in the UK and 543 in the USA.

No statement was made about when the halls will reopen.

Greidinger points out that consumer demand is very low. He stated that they suffer a huge cash loss as long as the halls remain open. “When we are closed, negative cash flow is much smaller. We secure the future of the company.”

Written by Maraaz

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