Cineworld plans to close around a quarter of its cinemas – it reports

The cinema chain, which currently has around 100 sites across the country, including in Wolverhampton, Telford and Shrewsbury, is expected to launch closures as part of a formal restructuring plan.

Sky News reported that the group, which was taken private last year, will also seek renegotiated rents for around 50 other cinemas, with the remaining around 25 sites untouched by the lawsuit.

PA News has contacted Cineworld for comment.

The group, which also runs the Picturehouse chain, is among cinema firms that have been hammered by the rise of streaming services, release delays following actor and writer strikes and the rising cost of living for customers.

Sky reported that the restructuring proposals were expected to be formally presented to creditors, including the owners, in the coming weeks.

Financial services firm AlixPartners is understood to be acting as an adviser during the trial.

The group was listed on the London Stock Exchange until last year, when it was taken over by investors and hedge funds after being bogged down by its multibillion-pound debt pile.

Investors swapped billions of pounds of debt for equity in the business after the group also filed for bankruptcy protection in the US.