The United Kingdom’s Cineworld, a movie theatre chain that operations in Great Britain & surrounding islands like Ireland or Scotland, has announced that all locations are being temporarily closed. This has created an immediate concern for 5,500 employed personnel that now have their jobs at risk. However, Cineworld’s parent company determined that financial losses associated with continuing operation couldn’t be sustained any longer. It follows after Universal Pictures announced that “Fast Nine” and “No Time to Die” has been postponed until Spring 2021.
Cineworld remained closed for months in the United Kingdom, abiding by government protocols for COVID-19. Parent company Regal Cinemas was permitted to reopen Cineworld in the United Kingdom for James Bond’s “No Time to Die”. Hundreds of thousands were spent accounting for the release of this film, with Cineworld making preparations to have concession stands stocked & sanitation methods available to customers. All funds were waisted with Universal Pictures unexpected announcement to delay the James Bond film by twelve months. Cineworld has clarified that they hope to reopen by next year, with employed personnel told they’ve entered redundancy status.
The United Kingdom Cinema Association has expressed public concern that the prolonged closure of Cineworld will force bankruptcy onto the brand, and evoke an undesirable shut down. Challenges associated with the pandemic have inflicted movie theatres worst than most industries. Hollywood has refused to release their films, with the exclusive expectation being “Tenet” from Christopher Nolan. Moviegoers didn’t attend this film in the masses, and most cinemas opted not to showcase Tenet. Financial losses associated with the gains would’ve been more prominent, meaning the cinemas would have spent more to show “Tenet” than earned.
The Entertainment & Broadcasting Union also expressed public concern, noting that delays with James Bond’s “No Time to Die” and Dom Toretto’s “Fast Nine” will cause theatres like Cineworld to sustain financial crisis. It should be mentioned that Regal Cinemas themselves have shut down their locations throughout America, Canada, Great Britain, and the European Union. The 2nd largest supplier of cinemas worldwide is struggling similar to AMG, the 1st place contender. Most theatre chains are refusing to admit to financial failure, but the lack of available films & customers shows all brands are suffering.