Cineworld update: Troubled chain promises Northampton and Rushden Lakes movie fans its business as usual
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The cash-strapped company says the move to begin Chapter 11 proceedings will buy time to restructure the business.
A statement added: “Cineworld and its brands around the world are continuing to welcome customers to cinemas as usual, which will not change during the Chapter 11 cases.
“The group expects to continue to honour the terms of all existing customer membership programs, including Cineworld Unlimited in the UK.”
Filing for Chapter 11 bankruptcy in the US allows struggling companies to maintain assets and trade as normal while fixing its business.
Cineworld has 14 screens at its Rushden Lakes multiplex and nine in Northampton — although both locations will be closed on Monday (September 19), the day of the Queen’s funeral.
The company launched its Unlimited Card scheme last year with film-goers paying between £16 and £18.40 a month for a minimum three months, or up to £220 a year for unlimited cinema visits.
Chief executive Mooky Greidinger said: “The pandemic was an incredibly difficult time for our business, with the enforced closure of cinemas and huge disruption to film schedules that has led us to this point.
“This latest process will allow us to continue to execute our strategy to reimagine the most immersive cinema experiences for our guests through the latest and most cutting-edge screen formats and enhancements to our flagship theatres.
“Our goal remains to grow our position as the ‘best place to watch a movie’.”