Cineworld – Wikipedia

British cinema chain

Cineworld Group plc is a British cinema operator headquartered in London, England. It is the world’s second-largest cinema chain (after AMC Theatres), with 9,518 screens across 790 sites[2] in 10 countries:[3] Bulgaria, Czech Republic, Hungary, Ireland, Israel, Poland, Romania, Slovakia, the United Kingdom and the United States.[2][4] The group’s primary brands are Cineworld and Picturehouse in the United Kingdom and Ireland, Cinema City in Eastern and Central Europe, Planet in Israel, and Regal Cinemas in the United States.

As of March 2018, Cineworld was the leading cinema operator in the UK by box office market chia sẻ ( based on revenue ). [ 5 ] It operated, at that thời gian, 99 cinemas và kết thúc 1,017 screens, [ 6 ] including Cineworld Dublin — Ireland’s single largest multiplex by screens & customer base. [ 7 ] Cineworld Glasgow Renfrew Street is the tallest cinema in the world và the busiest, by customer base, in the UK. [ tám ] It is listed on the London Stock Exchange .In October 2020, Cineworld temporarily closed its cinemas in the UK, Ireland, & the United States, citing the delay of tentpole films due bự the impact of the COVID-19 pandemic on cinema. The cinemas reopened in May 2021. On 7 September 2022, Cineworld filed for Chapter 11 bankruptcy in the United States. [ 9 ]

History[edit]

Cineworld TelfordCineworld was founded by Steve Wiener in 1995. [ 10 ] [ 11 ] The first Cineworld cinema opened in Stevenage, Hertfordshire in July 1996. [ 12 ] A second cinema opened in Wakefield, West Yorkshire, in December 1996 & the third opened in Shrewsbury, Shropshire, in 1998. [ 13 ] In 2004, Cineworld was acquired by Blackstone private equity nhóm for £ 120 m. [ 10 ] The following year, Cineworld acquired the UK và Ireland operations of French cinema company UGC. [ 14 ]In December 2012, Cineworld acquired the Picturehouse Cinema chain, adding 21 cinemas bự its portfolio, including The Little Theatre in Bath, Brighton’s Duke of York’s cinema, the Cameo, Edinburgh, the Phoenix in Oxford & the Ritzy Cinema in Brixton. [ 15 ]The Blackstone Group, which had invested in Cineworld when it was privately owned, sold its entire remaining trăng tròn % shareholding in November 2010. [ 16 ] In August 2013, The Guardian revealed that Cineworld employs 80 % of its 4,300 staff on zero hour contracts. [ 17 ] In October 2013, the Chester location was closed due mập the landowner wanting mập develop the land into a supermarket. [ 18 ]In năm trước, Cineworld’s Picturehouse chain was subject béo industrial action owing mập its refusal Khủng pay the London living wage Khủng its staff. The workforce attracted the tư vấn of Eric Cantona. [ 19 ] On 27 February năm trước, Cineworld completed the takeover of Cinema City International N.V. [ trăng tròn ] As of March năm ngoái, the Greidinger family ( who owned a controlling 54 % stake in Cinema City International ) held a controlling bloc as the largest shareholders in the enlarged company. [ 21 ] In May năm trước, Mooky Greidinger joined the board of directors as CEO, having previously been CEO of Cinema City International. [ 22 ]In năm ngoái, Picturehouse unveiled their mới ra West End flagship site, ‘ Picturehouse Central ’, [ 23 ] a 1,000 – seat seven-screen cinema on Shaftesbury Avenue near Piccadilly Circus in central London. In August năm nay, Cineworld acquired six cinemas [ 24 ] from Empire Cinemas, including the Empire Theatre in London’s West End, & bốn other locations in Basildon, Poole, Bromley & Hemel Hempstead. Empire Newcastle was also acquired by Cineworld the following year. [ 25 ]In November 2017, Cineworld began merger talks with the US cinema chain Regal Cinemas. [ 26 ] On 5 December, it was officially announced that Cineworld would buy Regal for US $ 3.6 billion ( £ 2.7 billion ), creating the world’s second largest cinema nhóm. It would also allow Cineworld access Khủng the US market, the largest in the world. [ 27 ] [ 28 ] The acquisition was completed in 2018. [ bốn ] In March 2019, Cineworld và Eagle Pictures invested in Spyglass Media Group. [ 29 ]On 16 December 2019, Cineworld announced its proposed acquisition of Cineplex Entertainment — Canada’s largest cinema chain — for approximately US $ 2.1 billion. Cineworld planned béo integrate its operations with Regal mập achieve cost và revenue synergies, và maintain the Cineplex branding for the Canadian operations. This would have made it North America’s largest cinema chain. [ 30 ] The giảm giá was approved by shareholders in February 2020. [ 31 ] On 12 June 2020, however, Cineworld would terminate the purchase agreement due Khủng alleged ” material adverse effect & breaches ” by Cineplex. The company subsequently sued Cineworld kết thúc the aborted purchase. [ 32 ] [ 33 ] In December 2021, the Ontario Superior Court of Justice ordered Cineworld lớn pay damages of C $ 1.23 billion for pulling out of the acquisition of Cineplex. This decision caused the Cineworld chia sẻ price mập fall by nearly 30 % overnight on the London Stock Exchange. [ 34 ] Cineworld said it would appeal the decision. [ 34 ]

Closure during the COVID-19 pandemic[edit]

On 17 March 2020, Cineworld & all other cinema companies in the UK temporarily closed all their UK cinemas due Khủng the ongoing COVID-19 pandemic. [ 35 ] Some 800 staff at Cineworld Group PLC wrote Khủng Chief Executive Moshe Greidinger requesting their jobs back after many were made redundant ” with immediate effect “. Employees with kết thúc three years of service were told they would be retained with 40 % of their salary or average pay. The letter said the move would leave many of the affected unable phệ afford essentials such as housing & food. [ 36 ] [ 37 ] In late May 2020, Cineworld announced it planned mập reopen all its UK cinemas in July. [ 38 ] On 14 August 2020, it announced a mới ra reopening schedule, in which their Welsh cinemas would open on 14 August, whereas their Irish, Scottish & Jersey screens would open on 26 August. Their English cinemas had been open since 31 July. [ 39 ]

In May 2020, Alicja Kornasiewicz became chair, having been a non-executive director since May 2015.[22] On 5 October 2020, Cineworld announced the indefinite re-closure of all owned cinemas in the UK, Ireland, and United States from 8 October, citing the delay of major tentpole Hollywood films due to the wider impact of the COVID-19 pandemic on cinema, and its continued inability to reopen cinemas in the key U.S. market of New York (which CEO Mooky Greidinger cited as having resulted in the delays). The decision followed the delay of the James Bond film No Time to Die from November 2020 to 2 April 2021. Greidinger said the delay was the “last straw” for Cineworld following a string of other film delays and cancellations.[40] Cineworld said that its decision would affect 45,000 workers, 5,500 of them in the UK, and 20,000 in the US.[41][42][43] Later that month, it hired FTI Consulting, Houlihan Lokey, and AlixPartners to help refinance the company’s $8 billion debt.[44]

Greidinger said that Cineworld would reopen the cinemas once there was a ” solid lineup of releases ” ahead. He also said that its Central European operations would remain active on a case-by-case basis, as they have a stronger dependency on domestic productions than Hollywood productions. [ 41 ] Cineworld cinemas reopened in May 2021. [ 45 ]

Bankruptcy[edit]

The release of No Time to Die in October 2021 took Cineworld revenues in UK and Ireland to 127% of 2019 levels.[46] In December, Cineworld’s global revenue reached 88% of 2019 levels. Cineworld credited this to the success of Spider-Man: No Way Home, the only film to have made more than $1.5 billion globally since the pandemic began.[46]

Before the pandemic, Cineworld had a share price of £1.97, which had fallen to 20p by mid-August 2022.[47] That August, the Wall Street Journal reported that Cineworld was considering filing insolvency proceedings in the UK after struggling to rebuild attendance and incurring debts of more than $4.8 billion (£4 billion) following the pandemic.[48] On September 7, 2022, Cineworld filed for Chapter 11 bankruptcy.[9]

Cinemas[edit]

Across the Cineworld estate there are seven different ways in which their customers can watch a What Happened To Diamond
: 2 chiều, 3 chiều, 4DX, [ 49 ] Superscreen, [ 50 ] IMAX, VIP, và ScreenX. Prices are mix according mập the định hình the customer chooses, và not the movie they choose. As of April 2018, across the European estate there are 38 4DX screens, 35 IMAX screens và 12 VIP auditoriums. [ 6 ] Out of 45 cinemas [ 51 ] in the world that are fitted with IMAX with laze projection systems, two are in the UK, both belonging lớn Cineworld, located in Leicester Square [ 52 ] & Sheffield. [ 53 ] In April 2018, IMAX And Cineworld Group signed an agreement lớn install 55 mới ra IMAX with tia laze experience in Cineworld và Regal IMAX locations. [ 54 ]In 2012, Cineworld began a trial of a premium service, the Screening Rooms. Located next phệ the Cheltenham cinema, The Screening Rooms offers considerably larger, leather seating, premium food, and ‘ table ‘ service. [ 55 ] [ 56 ] The Screening Rooms was later converted into an extended Cineworld in Cheltenham when it was refurbished Khủng become the second Cineworld in the country Khủng offer the hot nhất premium VIP định dạng. Sheffield was the first béo offer it. [ 57 ]Cineworld was the only cinema chain in the United Kingdom mập forbid customers bringing food và drink bought elsewhere into the cinema. [ 58 ] [ 56 ] In November 2012, the policy was changed và now states that ” neither alcohol nor hot food may be brought onto the premises “. [ 59 ] In early năm trước, Cineworld introduced an allocated seating system, starting as a trial in selected sites including Wembley & rolling out Khủng all their cinemas by the summer. [ 60 ] The move was controversial và a Twitter chiến dịch was created against this policy. [ 61 ] Cineworld have responded béo the criticism stating that it gives customers peace of mind along with other benefits. [ 62 ]In 2017, the company opened nine hot nhất cinema locations with a total of 109 screens ; four of which were in the UK và five in the rest of Europe. A further 75 screens were scheduled mập open in 2018 in addition. [ 6 ] Throughout 2018, the company opened 13 hot nhất locations with 108 screens in total, six in the United States, six in the United Kingdom & one in Romania. [ bốn ]

References[edit]

Source: https://gauday.com

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