In September, Cineworld reported a $1.6 billion pretax loss for the first six months of the year, during which its net bet increased to $8.2 billion.
Many were hoping Christopher Nolan's latest blockbuster, Tenet, would draw fans back to cinemas, however it has sadly not had the effect many were hoping for.
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Britain has slid into a fresh round of lockdowns and tightened social restrictions in the past month.
Cineworld, the world's second-biggest cinema chain, will close its U.K. and U.S. movie theatres this week, leaving as many as 45,000 workers unemployed, as it fights a coronavirus-related collapse in film releases and cinema-going. ‘Tenet’ earns $20.2 million in U.S. debut, in big test for box office, Movie-industry group pleads for aid from Congress, warning ‘theaters may not survive’, Here’s everything coming to Netflix in October 2020 — and what’s leaving, FIRST_PUBLISH_HEADLINE|Regal owner Cineworld to shut all theater screens, HEADLINE|Regal owner Cineworld to shut all theater screens, Oil settles over 5% higher with traders optimistic on Trump’s health, Norway output curtailed by strike, WATCH: Top 5 moments from ‘SNL’s’ most-watched season premiere in 4 years, Jodie Foster’s home in Calabasas, CA, just sold for $2.65 million, Gold prices rise on dollar weakens, fresh stimulus talk, The COVID-19 grind seems unbearable — but it’s not forever, Methodist credit union’s rebrand part of broader trend | Credit Union Journal, This iconic ‘Mean Girls’ role almost went to someone else but they got fired, The Best Outfits from Netflix’s Addictive New Series, Emily in Paris. On Friday, S&P Global Ratings on Friday downgraded the debt of AMC Entertainment, estimating that it has six months of cash left unless the situation materially improves.
Cineworld will close its U.K. and U.S. movie theatres this week, leaving as many as 45,000 workers unemployed. The boss of cinema chain Vue International, Tim Richards, told BBC Radio that demand from customers was there but there was a lack of major movies being released for them to watch.
Studios have chosen to release some of this year's major planned blockbusters on Netflix or the Disney Plus streaming platform, and have canceled others until 2021. The company didn’t give a date for reopening its cinemas.
Cineworld’s announcement follows a series of high-profile delays in recent weeks, including the Fast & Furious sequel, F9, which has been delayed until the end of May 2021, analysts at Citigroup said. While some cinemas in China, the world's second-largest movie market, have reopened with strong audiences, there is a lack of major movies to watch on the big screen. Cineworld’s announcement will increase pressure on the government for more support for the entertainment and arts industry, which still has 51% of workers on furlough. Cineworld cinemas set to shut down AGAIN as James Bond movie delayed, Masks have been worn in Cineworld cinemas since their reopening, It is unclear when Cineworld chains will reopen, Odeon settles dispute with Universal but Cineworld NOT on board, Tenet has been showing at Cineworld cinemas. A statement from the cinema chain reads: "In response to an increasingly challenging theatrical landscape and sustained key market closures due to the COVID-19 pandemic, Cineworld confirms that it will be temporarily suspending operations at all of its 536 Regal theatres in the USA and its 127 Cineworld and Picturehouse theatres in the UK from Thursday, 8 October 2020. “We’re likely going to make it through; I’m concerned about the independents and the small regional operators right now that are going to really struggle and when they close they may not reopen,” Richards said. Read: Movie-industry group pleads for aid from Congress, warning ‘theaters may not survive’. All operations will be suspended at 536 theaters in the U.S. and 127 Cineworld CNNWF and Picturehouse theaters in the U.K. from Oct. 8. Dolly Parton Christmas on the Square Netflix movie: When is it out? Cineworld has announced it will be closing its cinemas in the USA and the UK. Information about your device and internet connection, including your IP address, Browsing and search activity while using Verizon Media websites and apps.
Cineworld Warns COVID-19 Still Threatens Its Future. If it is the case these workers are asked to take temporary redundancy, that will mean potentialy 45,000 workers in this position, though at present it has not been made clear if this is the route down which the cinema chain will go.
Disney said on Sept. 23 it had postponed the release of superhero movie “Black Widow” and director Steven Spielberg’s “West Side Story” until 2021. As noted in its Interim Results announced on September 24, 2020, Cineworld is assessing several sources of additional liquidity and all liquidity raising options are being considered.". Cineworld will continue to monitor the situation closely and will communicate any future plans to resume operations in these markets at the appropriate time, when key markets have more concrete guidance on their reopening status and, in turn, studios are able to bring their pipeline of major releases back to the big screen. Home of the Daily and Sunday Express. It’s Not the Only Theater in Trouble. This will be a major blow for distributors who hoped to show their movies in these chains, as well as giving even more reason for many of the biggest releases to hold off until things are closer to normal. Cineworld Group also owns Picturehouse Cinemas, Regal and Cinema City chains, with Regal and Picturehouse Cinema chains also expected to close. Cineworld UK:CINE Chief Executive Mooky Greidinger said the closure of its 663 cinemas was “not a decision we made lightly.”.
Last month, Cineworld reported a $1.6 billion loss in the first half of 2020, with group revenues sinking to $712.4 million from $2.15 billion in the first six months of 2019.
Read: Cineworld Warns COVID-19 Still Threatens Its Future. The statement ended with comments from the CEO, Mooky Greidinger, who commented: "This is not a decision we made lightly, and we did everything in our power to support safe and sustainable reopenings in all of our markets - including meeting, and often exceeding, local health and safety guidelines in our theatres and working constructively with regulators and industry bodies to restore public confidence in our industry. Ekeler to be sidelined up to six weeks with leg injuries. See today's front and back pages, download the newspaper, ", Cinema fans may see more cinema closures yet, despite guidance from the Department of Digital, Media, Culture and Sport urging fans to "support their local cinemas and save jobs.". Shares in Cineworld plunged 57% on Monday, after the world’s second-largest movie chain confirmed it will temporarily close its cinemas in the U.K. and the U.S., putting 45,000 jobs at risk. At present, it seems this decision is a financial one, meaning while Cienworld has not gone bust, it is making a tough call to protect its finances and its staff from the potentially shocking effects of coronavirus. The world's second-biggest cinema chain is fighting a coronavirus-related collapse in film releases and cinema-going. “Net debt of over $8bn — thanks mainly to two large leveraged acquisitions in recent years — and a market cap of $540m by the close on Friday left Cineworld in a difficult position to refinance if punters were not coming through the doors; without the Bond franchise to draw people in there was little option — closing its theaters at least gives it a chance to preserve cash and wait for things to improve,” Wilson said. “Although the delay of the latest 007 blockbuster prompted the decision, Bond isn’t the villain in this piece. We have Special Teams for Politics, Finance, Education, Science, Tech and for many other domains, for providing you News in them.
The BBC reported workers in Cineworld have been asked to take a temporary redundancy, with a view to taking back their jobs once the chain reopens its cinemas. Express. The company said it is assessing several sources of additional liquidity and all liquidity raising options are being considered. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, said the beleaguered entertainment industry has taken another huge blow with the confirmation that all of Cineworld’s venues will close their doors temporarily. News AKMI is one of the Leading News Website in US, We are always happy to provide you Latest Updates of the US and World. "In turn, without these new releases, Cineworld cannot provide customers in both the US and the UK - the company's primary markets - with the breadth of strong commercial films necessary for them to consider coming back to theatres against the backdrop of COVID-19.
Cineworld, one of the world’s biggest movie theatre chains that has been badly hit by coronavirus restrictions, has warned that it may need to raise more money if …
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