Inside Business

Were Cineworld’s problems scripted in Hollywood or closer to home?

As it shuts its US and UK cinemas, Cineworld shareholders may rue the cost of a debt-driven acquisition spree, writes James Moore

Monday 05 October 2020 18:27
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Shutting its doors: Cineworld has temporarily closed its US and UK outlets
Shutting its doors: Cineworld has temporarily closed its US and UK outlets

We are especially grateful for and proud of the hard work our employees put in to adapt our theatres to the new protocols and cannot underscore enough how difficult this decision was,” said Cineworld CEO Mooky Greidinger, as he announced the “temporary” closure of all UK and US outlets.

Those employees, most of whom will likely have found out about the plans via news sources after they leaked over the weekend, will probably feel extremely cynical about those sentiments given 45,000 of them face being thrown out of work. 

The latest postponement to the release of the new Bond movie, No Time To Die, now set to appear in April, has been tagged as the straw that broke this particular camel’s back.

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