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Retail & Consumer

Who is Cineworld, the chain putting thousands of jobs at risk?

Cineworld has grown globally through acquisition but its taken a massive hit through the pandemic and has temporarily closed cinemas across the 海角视频 and USA.

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Retail & Consumer

By

Hannah Finch

10:33, 5 OCT 2020
Updated12:06, 5 OCT 2020

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Cineworld Group Plc was founded in 1995 and is .

Started as a private company, it re-registered as a public company in May 2006 and listed on the London Stock Exchange in May 2007.

Cineworld has acquired a number of big name operators, including the 海角视频 operations of UGC in 2004 and the Picturehouse chain in 2012.

It combined with Cinema City International N.V in 2014 and acquired Regal Entertainment Group in 2018, making it the second largest cinema business in the world by number of screens.

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Cineworld currently operates in the 海角视频, Ireland, Poland, the Czech Republic, Slovakia, Hungary, Bulgaria, Romania, Israel and the USA.

It operates 787 sites, 9,500 screens and employs 37,482 staff worldwide.

Revenue in 2019 was reported at $4,370 bn, with its market in the United States accounting for 73%, 海角视频 15% and 12% across the rest of the world.

In September 2020, Cineworld reported half-year losses of 拢1.3bn.

The temporary closures announced on Monday, October 5, relate to sites across the USA and the 海角视频, affecting around 45,000 employees in the two countries 鈥� Cineworld鈥檚 two main markets.

After the announcement was made, shares in Cineworld dropped by 57% as markets opened on Monday.

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