U.K. exhibition giant Cineword has begun laying off staff three days after its shuttered its theaters. Details:
Three days after it made the unprecedented decision to close all its cinemas in the U.K. and Ireland, Cineworld – the U.K.'s largest exhibitor and the second-biggest cinema chain internationally – has begun laying off staff.
The redundancies are being made at both its Cineworld sites and those of its arthouse chain Picturehouse. a representative said, "We are not firing all staff.", Cineworld said: “Like other businesses in the retail and leisure industry we are facing an incredibly challenging time as a consequence of the global coronavirus pandemic.
It continued: "We value our employees and want to do everything we viably can to support them in these difficult and uncertain times. Our aim has been to preserve jobs and continue to pay as many staff as possible while they are not working." Even before the closures, Cineworld – which owns Regal Cinemas in the U.S. is currently awaiting shareholder approval from its $2.3 billion acquisition of Canada's Cineplex – had warned that any extended shuttering of screens to contain the coronavirus could cast serious doubt on its ability to carry on operating. On Tuesday, its shares slumped to their lowest level ever.
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