$3 billion in 2020 and nearly $710 million before tax in 2021. While 2022 has produced several box office hits, the volume of wide releases is far below pre-pandemic years.
Through the end of May, just 28 films debuted in wide release as compared to 42 films through the same span in 2019. Cineworld noted that it would explore alternatives to address its disappointing financial situation, which includes concerns about liquidity and debt load.The company said it was “taking proactive steps to ensure it has the balance sheet strength and flexibility to adapt to market conditions.” This includes “significant previously disclosed operational and financial initiatives to manage costs and enhance liquidity.
The group believes these steps are required to optimize its ability to maximize enterprise value as part of the recovery in the cinema industry.”As an extension of these efforts, Cineworld said it is in “active discussions” with various stakeholders to evaluate “strategic options” to procure additional liquidity and potentially “restructure its balance sheet through a comprehensive deleveraging transaction.” Cineworld is not the only exhibition company still feeling the financial force of the pandemic.
AMC Entertainment, which owns the largest movie theater chain in the U.S., has seen its share price fall 17% (as of this writing) from its 2022 high in March.
Read more on thewrap.com
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