Cineworld is set to close the doors of UK cinemas after the delay of the Bond film

Global cinema giant Cineworld will close its UK sites in the coming weeks, it has been reported.

The Sunday Times says the firm is writing to Prime Minister Boris Johnson and Culture Secretary Oliver Dowden to tell them that the industry is now “unviable.”

He will tell you that the industry has been hit by delays for big-budget movies, like the next James Bond movie.

The 007 No Time To Die movie premiere has been postponed twice and will now open in April 2021.

Jobs at risk

In September, Cineworld reported a loss of $ 1.6bn (£ 1.3bn) for the six months to June as its cinemas had to close due to coronavirus lockdowns.

And he warned at the time that he might need to raise more money in the event of new restrictions, or film delays, due to Covid-19.

It is now about to announce the closure of its UK locations, which would affect more than 120 cinemas and put up to 5,500 jobs at risk.

Cineworld is the second largest cinema operator in the world and the largest in the United Kingdom, where it operates the Cineworld and Picturehouse brands.

Its other theaters worldwide include the Regal, Cinema City and Yes Planet brands.

The film industry had expected the release of No Time To Die to trigger a film resurgence in the UK, as many cinemas had been suspended for months after the Covid-19 outbreak in March.

But on Friday, the film’s premiere was further delayed until April 2, 2021 “to be seen by a worldwide theatrical audience.”

Deal discarded

As blocking restrictions around the world were gradually lifted in mid to late summer, Cineworld was able to reopen 561 out of 778 sites around the world.

But the lockdowns meant his group’s revenue plunged to $ 712.4 million in the first six months of the year, compared to $ 2.15 billion a year earlier.

This year’s group loss also marked a large pre-tax profit drop of $ 139.7 million seen in the first six months of 2019.

However, when it released those financial figures, Cineworld said the recent transactions had been “encouraging considering the circumstances,” with strong demand for Christopher Nolan’s spy movie Tenet, which opened in September.

In June, Cineworld withdrew from a $ 2.1 billion deal to buy the Canadian cinema chain Cineplex, a move that could lead to a legal battle.