The world’s second-largest cinema chain, Cineworld, is reported by city sources to be on the verge of bankruptcy.
The company’s shares fell 60 per cent in value on the rumours about the fate of the group, which owns the Picturehouse chain, but faces US$5bn in debt.
Pandemic impact is blamed for the company’s problems, with post-Covid audiences running at a far lower rate than expected.
It was the Wall Street Journal that reported the company in dire straits at the weekend, citing not just the pandemic but also a dearth of good movies to help boost attendances.
Cineworld has over 9,000 screens on 750 venues in ten countries, including the US, UK, Poland and Israel.
