Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Cineworld, the UK-based multinational cinema operator has announced that it will temporary close all of its 127 cinemas in the UK with immediate effect, with the loss of 5,500 jobs, due to the postponement of films' release following the COVID-19 spread. The source also mentions that the situation has been made worse by the company's high levels of debt, while the company said it was planning to reopen the cinemas when the COVID-19 pandemic was over. The change in the job support scheme which initially supported 80% of the salaries of workers on reduced hours, will now support 22%. Cineworld’s chief executive said the company had worked with regulators to build public confidence in cinemas and the decision about the temporary closure was not 'made lightly'.
Many of the dismissed workers are on zero-hours contract and might not be entitled to redundancy pay, the company did not disclose the number of zero-hours contracts involved.
Cineworld is the largest cinema operator in the UK, with its Cineworld and Picturehouse UK cinemas. The company has cinemas in the UK, Ireland, Poland, Romania, Israel, Hungary, the Czech Republic, Bulgaria, Slovakia and the US.
Eurofound (2020), Cineworld Cinemas, Internal restructuring in United Kingdom, factsheet number 102209, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/102209.
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