Moviegoers were left devastated after discovering that a major cinema chain had lowered the shutters at one of its sites.
Those at Picturehouse have shown that they will close their Stratford East location on July 29.
This comes after Cineworld, which operates the cinema chain, announced it would have two more Picturehouse sites in Bromley and Fulham Road, London.
The two sites will be closed to the public on August 1 and July respectively.
A Picturehouse spokesperson said the company made the difficult decision to close the three cinemas due to “increased operating costs and declining admissions”.
They commented: “Picturehouse members will be contacted in the coming days about their remaining club time.
“We would like to thank our hard-working groups and our unwavering consumers for their efforts over the years. “
The spokesman said Picturehouse had opened three new cinemas in the last six months in Ealing, Chester and Epsom.
The Picturehouse club program is chargeable and allows you to get free movie tickets, as well as discounts on food and drinks.
Film buffs and movie buffs shared their dismay after the Stratford East branch was permanently made final.
On Facebook, one of them said: “The first cinema I’m a member of. It is a real shame that it closes. “
One moment commented: “Oh no, it’s annoying. I’m a member and this was the cheesiest position to be in and they made all the special nights etc empty. “
A third chimed in furiously: “A despicable decision. “
A fourth added: “It’s a shame, I enjoyed going there. “
Earlier this month, Cineworld reportedly evaluated its characteristics and a primary restructuring, which could be accompanied by closures.
Sky News reported that the chain, which at the time operated one hundred cinemas under the Cineworld logo in the UK and Ireland and 28 under the Picturehouse logo, was working with restructuring adviser AlixPartners on a plan that could lead to a sale. or restructuring.
According to the broadcaster, such a resolution could simply “expose an undetermined number of British cinemas to the threat of closure”.
A restructuring plan for a company to rework its balance sheet so that it can restructure its debts and lose money in the company.
At the time of the report’s publication, a spokesperson for Cineworld said it was “continually reviewing” its operations in the United Kingdom “like many companies”.
This came after Cineworld emerged from Chapter 11 bankruptcy in the U. S. The U. S. expired last year.
Filing for bankruptcy (Chapter 11) means that a company intends to reorganize its debts and assets while remaining in business.
At the time, the long history of the chain’s 129 British and Irish cinemas was under threat.
The company’s shares plunged about 99% in the five years to 2023 as it was hit hard by the pandemic and the forced closure of its movie theaters.
Since then, the company has posted significant losses and has also come under pressure from platforms that offer streaming services, such as Netflix and Amazon Prime.
In August 2023, the company hired 28,000 people worldwide, with operations in 10 countries.
Cineworld is the only channel in difficulty. Odeon has announced that it will close five of its branches in May last year.
Empire Cinema also closed several places in 2023 after falling into management in July of that year.
The company made this decision after “a thorough evaluation of all available options. “
The hotel industry is struggling.
In April, family-favorite restaurant chain Whitbread revealed it would close more than two hundred locations and cut 1,500 jobs.
The organization shared its plans in its annual results, saying it plans to convert 112 restaurants into hotel extensions, while the final 126 establishments will “generate losses. “
Pub Wetherspoons also closed bars across the United Kingdom, and Byron Burger took over the management last year.
In March, Pizza Papa Johns announced the closure of dozens of locations.
Do you have cash to settle? Contact us by emailing cash-sm@news. co. uk.
In addition, you can sign up for our Facebook organization Sun Money Chats and Tips to share your tips and stories.
©News Group Newspapers Limited in England No. 679215 Registered Office: 1 London Bridge Street, London, SE1 9GF. “The Sun”, “Sun”, “Sun Online” are registered trademarks or trade names of News Group Newspapers Limited. This service is provided under News Group Newspapers’ Limited’s popular terms and conditions, in accordance with our Privacy & Cookie Policy. To request information about a license to reproduce material, please visit our distribution site. Check out our online press kit. For additional inquiries, please contact us. To see all content from The Sun, use the sitemap. Sun’s online page is regulated through the Independent Press Standards Organization (IPSO).
Our reporters try to be accurate, but we make mistakes. For more main points about our claims policy and to register a claim, please click on this link: thesun. co. uk/editorial-complaints/