(Reuters) – Cineworld is in talks about a potential sale as part of a strategic review that could lead to a comprehensive restructuring of its business, Sky News reported on Saturday, citing unidentified sources.
The operator and owner of brands such as Regal, Cinema City, Picturehouse and Planet has appointed AlixPartners as an advisor to work on the potential disposal of its UK operations, the report said, adding that the sale process is expected to continue for several weeks. .
The company emerged from Chapter 11 bankruptcy less than a year ago after filing for bankruptcy in the United States in 2022 to restructure debt.
Sky said it was also considering alternative options, including a company voluntary arrangement that could put an unspecified number of UK cinemas at risk of closure.
A Cineworld spokesperson told media: “Like many businesses, we are constantly reviewing our UK operations.”
Cineworld and AlixPartners did not immediately respond to Reuters' request for comment.