Cinemas in Poland to Stay Open Despite Cineworld Group Plans for Bankruptcy


    WARSAW: The British company Cineworld Group, the second largest multiplex chain in the world with over 750 cinemas, is about to file for bankruptcy due to financial difficulties as a result of the COVID-19 pandemic. The Board of Cinema City Poland has stated that this will not result in closing its 34 cinemas in Poland, which are operating under the Cinema City banner.

    The company's management is considering options for both obtaining financial liquidity and improving the balance sheet through debt-reducing transactions. Upon the news of the uncertain future of Cineworld, the company's share prices fell by 58.3%. and are currently around 4 EUR per share.

    According to the statement of a member of the management board of Cinema City Poland, Oldrich Kubista, the operation of the network's cinemas in Poland is not endangered. “As announced earlier this week, we are proactively analysing strategic options to ensure a solid balance sheet structure and flexibility to adjust to market conditions, and the process is ongoing. We expect that the actions taken will not affect the day-to-day business activities of the entire Group, including Cinema City”, a statement submitted to the media reads.

    Cineworld emphasises that its only goal is to restructure its debt, and that its cinemas around the world will operate normally. “With reference to the recent announcements regarding the internal financial matters of the Cineworld Group, we would like to inform you that Cinema City's business activities remain unchanged. We care about our clients and still aim to be the best place to watch movies”, reads a statement posted on Cinema City Poland social media on 22 August 2022.