Cinema-goers have expressed concerns over the future of a Nottingham cinema if its parent company files for bankruptcy. UK cinema chain Cineworld is reportedly expected to file for bankruptcy within weeks.
Cineworld shares have plummeted after reports the cinema chain is preparing to file for bankruptcy “within weeks”. Shares dropped by two-thirds within minutes of reports by the Wall Street Journal that Cineworld had hired lawyers and consultants to advise the bankruptcy process.
The world’s second biggest cinema chain has sites across the country, including in Nottingham city centre's Cornerhouse building. Local residents said were worried any bankruptcy news, while some commented on what would attract more customers.
Read more: Cinema chain Cineworld ‘to file for bankruptcy within weeks’, reports suggest
Charlotte Cope, 40, a stay at home mum from Eastwood, said: “We come quite a bit [to the cinema] we will miss it if it does go. Coronavirus wouldn’t have helped to be fair, we last saw the Spider-Man film.
"There have been a few good films on but I recently had a baby so I haven’t been. If Cineworld here closes I would go to the cinema in Ilkeston. It’s not a surprise with how things have been!”
Victoria Falinska, 28, who works as a manager at Nando's, said the chain could attract more customers. She said: “They should improve and refurnish the old ones instead of contributing to make new ones - they are meant to be building a new Cineworld somewhere in the UK! They’ve also had the same food for ages and have only just done veggie hotdogs. We go to the cinema when we can, we are actually on our way to see the new Thor: Love and Thunder film.”
The bankruptcy reports come days after Cineworld said it was assessing options to shore up its finances after it blamed a “limited” film slate for weak audience numbers in recent months. Cineworld has declined to comment.
Freya Acheson, 17, a student from Edwalton, said: “We go sometimes, like once every few months but it’s easier to watch things at home now. It’s more of a place to go with your friends.
"We will miss it but there’s other places to go - the cinema is a good place for a date! There hasn’t been as many good films since Covid, there’s no selection. We usually go to showcase as it’s convenient. We just go where ever is closest really.”
Cineworld has declined to comment. It comes two days after Cineworld said it is assessing options to shore up its finances after it blamed a “limited” film slate for weak audience numbers in recent months.
The company, which also owns the Picturehouse chain in the UK and Regal Cinemas in the US, had pinned its hopes on releases such as Top Gun: Maverick, The Batman and Thor: Love And Thunder to aid its recovery from the heavy impact of the pandemic. However, it told the London Stock Exchange on Wednesday: “Despite a gradual recovery of demand since reopening in April 2021, recent admission levels have been below expectations.
“These lower levels of admissions are due to a limited film slate that is anticipated to continue until November 2022 and are expected to negatively impact trading and the group’s liquidity position in the near term.” The business, which was saddled with 4.8 billion dollars (£4 billion) of debt at the end of the last financial year, said it was considering restructuring its balance sheet to protect its future."
