Cineworld reveals fate of Greater Manchester cinemas as it prepares for administration
Cineworld has revealed what will happen to its cinemas across Greater Manchester as it prepares to enter administration.
However, the business has stressed the move will not affect the British operations for the holding company, with cinemas continuing to remain open as usual.Cineworld filed for Chapter 11 bankruptcy in the US last year after being weighed down by its mammoth debts and weaker-than-hoped audience numbers.The group, which also owns the Picturehouse brand, is moving forward with plans to restructure its roughly £3.9billion debt pile to allow it to exit bankruptcy.
Shares fell by more than a quarter in Monday morning trading on news of the administration plans, although the stock has already plummeted by almost 99% over the past five years, after being hit hard by the pandemic which forced it to close some of its sites.
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