London: Cineworld is exploring a potential sale as part of a strategic review that could lead to significant restructuring, British media outlet Sky News reported on Saturday, citing unnamed sources.
The cinema operator, which owns brands such as Regal, Cinema City, Picturehouse, and Planet, has enlisted AlixPartners as a consultant to manage the possible sale of its UK operations. According to the report, the sale process is expected to take several weeks.
Less than a year ago, Cineworld emerged from Chapter 11 bankruptcy, having filed for U.S. bankruptcy in 2022 to restructure its debt. The company is also weighing other options, including a company voluntary arrangement (CVA) that could result in the closure of an unspecified number of its UK cinemas, Sky News said.
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A Cineworld spokesperson commented to the news outlet, “Like many businesses, we are continually reviewing our UK operations.”
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As reported by the international news agency Reuters, neither Cineworld nor AlixPartners immediately responded to a request for comment.
