Cineworld with 127 venues including in Whiteley 'set to file for bankruptcy' following pandemic recovery struggles

Cineworld Group, which has a chain at Whiteley in Fareham, is preparing to file for bankruptcy as it struggles to rebuild attendance at its venues following the pandemic.

The reports come from the Wall Street Journal today (August 19), who say the firm have hired lawyers and consultants to advise on the bankruptcy process.

The move will put 127 cinemas across the UK and Ireland at risk including the Whiteley Cineworld Cinema at Whiteley Shopping Centre.

The Sun reported earlier this afternoon that the company had told The London Stock Exchange on Wednesday, ‘recent admission levels have been below expectations’.

The statement said: ‘Despite a gradual recovery of demand since reopening in April 2021, recent admission levels have been below expectations.

‘These lower levels of admissions are due to a limited film slate that is anticipated to continue until November 2022 and are expected to negatively impact trading and the group's liquidity position in the near term.’

Though its cinemas are to stay open for now, the reports have cast uncertainty over the groups thousands of workers.

Cineworld employs around 28,000 workers globally, with operations in 10 countries.

Cineworld first started in 1995 by Steve Wiener.

The first Cineworld cinema opened in Stevenage, Hertfordshire in July 1996. In 2004, Cineworld was acquired by Blackstone private equity group for £120m.

During the pandemic, the firm temporarily closed its cinemas in the UK, Ireland and the US before reopening to visitors in May 2021.