Six of its 14 sites are being closed immediately, with the CEO citing rising operating costs due to inflation.
Banijay's New Head of Scripted Christian Wikander on the Opportunities Behind TV's "Big Shift" and Why Producers Need to See AI as a "Tool in a Toolbox"
“As a consequence of COVID-19, we found ourselves in a position where we were mandated by government to close down our cinema chain in its entirety for protracted periods in 2020 and 2021, leaving us with a high fixed cost base and no income,” said group CEO Justin Ribbons.
Ribbons added: “It has been a difficult economic environment for any business to manage through without long-term damage and having exhausted all other available options for the business, we firmly believe that this process can be a platform to restructure the business and preserve as many of our cinemas and the maximum number of jobs as possible.”have underperformed at the U.K. box office,continues to do solid business.
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