Cineworld restructuring plan unveiled after fears for cinemas in Chichester, Crawley and Eastbourne

The company filed for bankruptcy sparking fears for the future of Sussex cinemas in Chichester, Crawley, Eastbourne and Brighton. Cineworld is reportedly $5 billion in debt and had been looking for a new buyer. About 129 branches are at risk of closure.

A new deal which has been agreed will now see the company’s shareholders ‘wiped-out’ in the latest proposals to reorganise the business.

According to Reuters, the cinema operator’s share prices has hit an all-time low of 1.5p.

The company had stated at the end of February this year that it was ‘business as usual’, adding: “As announced on September 7 2022, during the restructuring process, Cineworld continues to operate its global business and cinemas as usual without interruption.

"Cineworld and its brands around the world - including Regal, Cinema City, Picture House and Planet - are continuing to welcome customers to cinemas as usual. The Group continues to honour the terms of all existing customer membership programmes, including Regal Unlimited and Regal Crown Club in the United States and Cineworld Unlimited in the UK.”

Readers of this newspaper shared their views on the news that their local cinemas were at risk of closure.

Neil Holley-Williams said on social media: “I have to say compared to watching at home, the cinema experience isn’t great. Sitting still for three hours on an uncomfortable seat with no breaks isn’t the way I want to enjoy a film. The days when we went to catch a film that wouldn’t be generally available through other channels for one to two years is gone so cinemas need to change the model I think.”

Andrew Michael Lloyd said: “Unsurprising when to go to a standard movie for two adults and two kids is roughly £35, chuck in a couple of popcorns and and cola and you are looking at £60 for a couple of hours of entertainment. Literally amazed Cineworld haven't finally gone bankrupt to be honest.”

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