Cinema City – a popular cinema series, which belongs to the company Cineworld. The UK conglomerate has suffered huge losses since the COVID-19 pandemic and will soon file for bankruptcy. What will happen to Polish institutions?
Cinema City: The Bankruptcy of a Cinema Chain
Corona virus pandemic The global economy has been hit hard. However, there are branches that have felt the effects COVID-19 more. was among them Film industry, Which, due to the global pandemic, has held out for several months, not without profit so much as generating losses. And it’s not just about movie studios, but most of all Cinemas that have been empty for several months in many countries of the world.
As I mentioned The Wall Street Journal, Cineworld intends to file for bankruptcy in connection with With debts of nearly $5 billion. The company operates 751 cinemas around the world. It includes network facilities cinema city Also present in Poland. BCorruption will only affect theaters in the UK and US for now.
Cineworld chiefs made their decision after noticing it Lack of required revenue growth. As a result of declaring bankruptcy A decrease in the company’s share price. market value decreased by more than half, This is the level Less than 50 million pounds sterling. Currently it will be implemented Cineworld Rescue Project. Conversations with stakeholders are ongoing. Before the epidemic, the agglomeration was evaluated $4.4 billion. Cineworld’s trade unions are not hiding their concerns. The company has just returned to normal, and it is already hanging on to it demobilization ghost.
Cinema City: What about Polish cinemas?
In response to Cineworld’s bankruptcy reports, A statement by representatives of the Polish branch of Cinema City appeared on social media.
as you see, Movie fans and Cinema City Unlimited card holders don’t have to worry about their favorite cinemas closing.
Cineworld: Ongoing Losses of Cinema City’s Owner
The beginning of Cineworld’s financial problems has begun With the coronavirus pandemic. In 2020, the company registered Losses of $3 billion. In 2021 it was a little better because And the company lost “only” $708 million. We managed to make up for some losses, double revenue, Thanks dad movie. James Bond authorized ‘It’s not time to die’ and hit production marvel titled “Spider-Man: No Way Home”.
Not only Cineworld’s profits are negatively affected, but also other companies The growing popularity of streaming platforms, Where you can watch movies The news a few months after the premiere. during the pandemic Many sites also decided to release new films at the same time in cinemas and platforms.
RadioZET.pl/ The Wall Street Journal
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