Chesterfield’s Cineworld to remain open as company completes restructure
Chesterfield’s Cineworld complex remains secure as the chain has announced the successful completion of a restructure.
The cinema giant released details of its settled cost-saving scheme – which began in July – this week and included negotiations to drive down rents for its sites to “market levels”.
As part of the cost-cutting drive, in July Cineworld announced the closure of five sites across the business: Glasgow Parkhead, Bedford, Loughborough, Gloucestershire and Swindon Regent Circus.
This week six more sites were confirmed to close after “landlords chose to reclaim their properties” – in Castleford, Leigh, Middlesbrough, Northampton, Poole and Weymouth. A spokesperson has since confirmed “we do not anticipate further closures at this time” – meaning Chesterfield’s Alma Leisure Park branch will remain open.
The spokesperson said the move “strengthens the foundation for future profitability and safeguards thousands of jobs across the UK”. They added: “Cineworld has bolstered its financial position – gaining access to additional funding including £40 million in liquidity.
Alongside this, the company is set to invest up to £35 million in capital expenditures, focusing on the refurbishment and enhancement of existing cinemas."
Javier Sotomayor, President of Cineworld International said: "The successful completion of our restructuring plan, achieved with the support of our landlords, protects thousands of jobs across the UK and provides us with the financial stability to continue investing in extraordinary experiences for our valued customers.
"This milestone sets the stage for a brighter future, enabling Cineworld to continue sharing joy in communities across the UK for many years to come.” Cineworld, part of the Regal Cineworld Group is the second-largest cinema operator globally and operates 90 cinemas in the UK.