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| Cineworld set to close UK cinema doors after Bond movie delay | Cineworld set to close UK cinema doors after Bond movie delay |
| (32 minutes later) | |
| Global cinema giant Cineworld is set to close its UK sites in the coming weeks, it has been reported. | Global cinema giant Cineworld is set to close its UK sites in the coming weeks, it has been reported. |
| The Sunday Times says the firm is writing to Prime Minister Boris Johnson and Culture Secretary Oliver Dowden to say the industry is now "unviable". | The Sunday Times says the firm is writing to Prime Minister Boris Johnson and Culture Secretary Oliver Dowden to say the industry is now "unviable". |
| It will tell them the sector has been hit by the delays of big-budget films, such as the next James Bond movie. | It will tell them the sector has been hit by the delays of big-budget films, such as the next James Bond movie. |
| The premiere of the 007 film No Time To Die has been postponed twice and is now due for release in April 2021. | The premiere of the 007 film No Time To Die has been postponed twice and is now due for release in April 2021. |
| Jobs at risk | Jobs at risk |
| In September Cineworld reported a $1.6bn (£1.3bn) loss for the six months to June as its cinemas had to close because of coronavirus lockdowns. | In September Cineworld reported a $1.6bn (£1.3bn) loss for the six months to June as its cinemas had to close because of coronavirus lockdowns. |
| And it warned at the time that it might need to raise more money in the event of further restrictions - or film delays - due to Covid-19. | And it warned at the time that it might need to raise more money in the event of further restrictions - or film delays - due to Covid-19. |
| Now it is poised to announce the closure of its UK venues, which would affect more than 120 cinemas and put up to 5,500 jobs at risk. | Now it is poised to announce the closure of its UK venues, which would affect more than 120 cinemas and put up to 5,500 jobs at risk. |
| Cineworld is the world's second largest cinema operator, and the largest in the UK, where it operates the Cineworld and Picturehouse brands. | Cineworld is the world's second largest cinema operator, and the largest in the UK, where it operates the Cineworld and Picturehouse brands. |
| Its other theatres globally include the Regal, Cinema City, and Yes Planet brands. | Its other theatres globally include the Regal, Cinema City, and Yes Planet brands. |
| The film industry had hoped the release of No Time To Die would spark a movie-going revival in the UK, with so many cinemas having been mothballed for months following the Covid-19 outbreak in March. | The film industry had hoped the release of No Time To Die would spark a movie-going revival in the UK, with so many cinemas having been mothballed for months following the Covid-19 outbreak in March. |
| But on Friday the movie's release was further delayed until 2 April 2021 "in order to be seen by a worldwide theatrical audience". | But on Friday the movie's release was further delayed until 2 April 2021 "in order to be seen by a worldwide theatrical audience". |
| Deal scrapped | Deal scrapped |
| As lockdown restrictions around the world were gradually lifted in mid-to-late summer Cineworld had been able to reopen 561 out of 778 sites worldwide. | As lockdown restrictions around the world were gradually lifted in mid-to-late summer Cineworld had been able to reopen 561 out of 778 sites worldwide. |
| But lockdown closures meant its group revenues sank to $712.4m in the first six months of the year, compared with $2.15bn a year earlier. | But lockdown closures meant its group revenues sank to $712.4m in the first six months of the year, compared with $2.15bn a year earlier. |
| The group loss this year also marked a huge fall from the pre-tax profits of $139.7m seen in the first six months of 2019. | The group loss this year also marked a huge fall from the pre-tax profits of $139.7m seen in the first six months of 2019. |
| However, when it released those financial figures, Cineworld said recent trading had been "encouraging considering the circumstances", with solid demand for Christopher Nolan's spy film Tenet which was released in September. | However, when it released those financial figures, Cineworld said recent trading had been "encouraging considering the circumstances", with solid demand for Christopher Nolan's spy film Tenet which was released in September. |
| In June, Cineworld pulled out of a $2.1bn deal to buy the Canadian cinema chain Cineplex, a move which could lead to a legal battle. |