The cinema chain has an outlet at Odyssey complex in Belfast
Cineworld is reportedly on the brink of announcing a series of closures and job cuts across the UK and Ireland as part of a significant restructuring plan.
An additional 50 sites will enter into negotiations for rent reductions. Cineworld's Belfast site opened in December 2021 at Odyssey Arena.Read more: NI Carpetright stores to close despite rescue deal However, if a sufficient number of landlords refuse to agree to the new lease terms, the 50 Cineworld complexes up for rent renegotiation could also face closure. Initially, Cineworld entered talks to sell the business, but has now shifted to a "formal restructuring" process instead, with advice from AlixPartners, reports the Irish Mirror.
Cineworld, a cinema chain with over 100 sites across the UK and Republic of Ireland, operating under both Cineworld and Picturehouse brands, has faced significant challenges. The global pandemic and subsequent lockdowns hit the industry hard, with Cineworld also having to compete with streaming services.
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