The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Information / Communication Publishing Of Information; Production And Programming Of Audiovisual Motion Picture, Video And Television Programme Production, Sound Recording And Music Publishing Activities 59.14 - Motion picture projection activities
45,000 jobs Number of planned job losses
Announcement Date
5 October 2020
Employment effect (start)
8 October 2020
Foreseen end date
Description
British cinema company Cinemaworld announced that it will cut 45,000 jobs worldwide, including 5,500 jobs in the United Kingdom and 20,000 in the United States. The cinema chain will temporarily suspend operations at all of its UK and US theatres from 8 October 2020; the move will affect 536 Regal theatres in the US and 127 Cineworld and Picturehouse theatres in the UK. The restructuring programme is related to the COVID-19 pandemic; the cinema industry has been facing difficulties associated with pandemic safety measures as well as the delay of key films.
Cinemaworld has been operating since 1995. The company is the world’s second-largest cinema chain, with over 9,500 screens in ten coutries: the Uk, the US, Ireland, Poland, Romania, Israel, Hungary, Czech Republic, Bulgaria and Slovakia. The group's primary brands are Cineworld and Picturehouse in the United Kingdom and Ireland, Cinema City in Eastern and Central Europe, Yes Planet in Israel, and Regal Cinemas in the United States.
Eurofound (2020), Cinemaworld, Internal restructuring in World, factsheet number 102392, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/102392.
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