It has been today confirmed that all Cineworld cinemas will be temporarily closing from this Thursday (8/10).
This anticipated closure is to allow the cinema giant, which has a large unit in Xscape Milton Keynes, to seek new funding.
Cineworld has taken a major hit during the coronavirus pandemic and last month announced half-year losses of $1.6bn (£1.3bn).
Although cinemas were allowed to reopen in July, many large releases were suspended which has resulted in fewer people buying cinema tickets.
There was solid demand for Christopher Nolan's action-thriller Tenet last month, but the postponement of the latest Bond film's release will have been a huge knock-back for cinemas.
And that is one of the reasons why the chain says they will be temporarily closing all of their US and UK cinemas.
The company said its decision affects 45,000 staff - leaving their future employment hanging in the balance as it was yet to explain its plans for the workforce.
Cineworld announced the news 24 hours after receiving a backlash from staff over media reports that renewed delays to key releases had forced the company into temporarily closing down screens.
Cineworld's announcement to the City on Monday states: "Cineworld confirms that it will be temporarily suspending operations at all of its 536 Regal theatres in the US and its 127 Cineworld and Picturehouse theatres in the UK from Thursday 8 October 2020.
"As major US markets, mainly New York, remained closed and without guidance on reopening timing, studios have been reluctant to release their pipeline of new films.
"In turn, without these new releases, Cineworld cannot provide customers in both the US and the UK - the company's primary markets - with the breadth of strong commercial films necessary for them to consider coming back to theatres against the backdrop of COVID-19."
From Thursday, this will leave just one cinema in Milton Keynes with cinema-goers having to travel to the Odeon at MK1 Shopping & Leisure Park in Bletchley.
Additional content by Sky News
