Cineworld is looking to close around a quarter of its screens across the UK and negotiate rental reductions at dozens more as part of major restructuring plans.
According to Sky News, the world's second largest cinema chain wants to shutter circa 25 of its 100 multiplex screens and renegotiate rent agreements at an additional 50.
Sources speaking to the news channel said they were expecting proposals to be formally outlined to creditors in the coming weeks, with the group thought to be moving away from a company voluntary arrangement in favour of another restructuring plan.
A Cineworld spokeperson told CoStar News earlier this week in a statement: "Like many businesses, we are continually reviewing our UK operations."
Cineworld has around 100 branches in the UK and operates circa 28 cinemas under its Picturehouse brand. Some of its largest venues include a 12-screen operation at Five Ways Leisure Complex in Birmingham, where it leases 72,645 square feet, according to CoStar data.
Its latest proposals would see around 25 of its locations untouched. Landlords that house Cineworld operations in the UK according to CoStar data include Bank of New York Mellon, Landsec, Tesco Pension Trust, Aviva Investors Global, M&G Property, The Crown Estate and multiple others.
Cineworld has previously insisted that everything is business as normal despite its issues, with the group saying its administration in the UK would help to "transform the group's balance sheet and provide it with significant additional liquidity to fund its long-term strategy".
It has previously suspended its listing on the London Stock Exchange and appointed several new directors to its board, including Ann Sarnoff, who is the former chair and CEO of Warner Bros and a former senior executive at BBC Studios.
