Cineworld Closures Affect UK and US Sites, Sheds 45,000 Jobs

"Without these new releases, Cineworld cannot provide customers in both the US and the UK... with the breadth of strong commercial films necessary for them to consider coming back to theatres," it said.

While some cinemas in China, the world's second-largest movie market, have reopened with strong audiences, there is a lack of major movies to watch on the big screen.

Studios have chosen to release some of this year's major planned blockbusters on Netflix or the Disney Plus streaming platform, and have canceled others until 2021.

Read also: Netflix Steps Up Its Game as Disney+ Hotstar Readies for SE Asian Market

The boss of rival chain Vue cinemas Tim Richards told BBC Radio: "Our problem right now is we have no movies, and this was a big blow for us."

"We are likely going to make it through. I'm concerned about the independents and the small regional operators right now that are going to really struggle, and when they close, they may not reopen."

Britain has slid into a fresh round of lockdowns and tightened social restrictions in the past month.

Read also: Boris Johnson Considering Second Round of Coronavirus Lockdowns in UK

"Although the delay of the latest 007 blockbuster prompted the decision, Bond isn't the villain in this piece," Hargreaves Lansdown analyst Susannah Streeter said.

"The spread of Covid-19 around the world has been a horror movie for the industry and the fresh wave of infections is the latest installment in what's been a devastating story for cinema chains."

(Writers: Muvija M an, Yadarisa Shabong, Sarah Young, Kate Holton | Editors: Krishna Chandra Eluri, Patrick Graham, Jan Harvey)

Source: https://www.reuters.com/article/us-health-coronavirus-cineworld/cineworld-brings-down-curtain-on-u-s-uk-theatres-45000-jobs-hit-idUSKBN26Q0ME