Cineworld, one of the world’s largest movie theater chains, has announced plans to axe hundreds of jobs as part of a major restructuring plan in response to the challenges posed by the ongoing COVID-19 pandemic.
The company, which operates more than 800 cinemas worldwide, has been hit hard by the global health crisis, with many of its venues forced to close or operate at reduced capacity due to lockdown restrictions and social distancing measures.
In a statement released on Monday, Cineworld said that it would be cutting jobs across its global workforce, including in its head office and support functions. The company cited the impact of the pandemic on the film industry and the uncertainty surrounding the reopening of cinemas as the main reasons for the restructuring.
Cineworld’s decision to axe jobs comes just weeks after the company reported a staggering $1.6 billion loss for the first half of the year, as a result of the widespread closures of its theaters.
The news of the job cuts has sparked outrage among employees and unions, who have accused Cineworld of using the pandemic as an excuse to slash jobs and cut costs. Many have criticized the company for not doing enough to support its staff during this difficult time.
In response to the backlash, Cineworld has defended its decision, stating that the restructuring is necessary to ensure the long-term survival of the business. The company has said that it is working closely with affected employees to support them through the process, including providing access to training and job placement services.
Despite the challenges facing the company, Cineworld remains optimistic about the future of the film industry and is committed to reopening its theaters as soon as it is safe to do so. The company recently announced plans to reopen all of its UK and US cinemas by mid-October, in time for the release of several highly anticipated blockbuster films.
While the road ahead may be tough for Cineworld and its employees, the company is determined to weather the storm and emerge stronger on the other side. As the film industry continues to adapt to the new normal, it is clear that Cineworld is prepared to do whatever it takes to survive and thrive in the post-pandemic world.