Cineworld confirms it is considering bankruptcy

Cineworld has confirmed it is considering filing for bankruptcy in the US, as the cinema chain continues to struggle with $5bn worth of debt.

But the company, which also owns the Picturehouse chain in the UK, insisted its cinemas "remain open for business" and that there would be "no significant impact" on jobs.

Cineworld employs more than 28,000 people globally.

Like other cinema chains, Cineworld was hit hard by the pandemic.

Many theatres were forced to close for extended periods during the lockdowns, or had to operate at a reduced capacity due to social distancing rules.

Cinema chains also faced tough competition from streaming services, which soared in popularity during the lockdowns.

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