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It’s a sad day for cinema chain Cineworld who are are getting ready to file for bankruptcy according to Wall Street Journal.
The Wall Street Journal has printed that Cineworld Group Plc is “preparing to file for bankruptcy within weeks” after struggling to get income after the pandemic.
As per GOV, insolvency complaints are formal measures taken to deal with extreme enterprise debt. The Guardian reports that Cineworld has debts of more than $4.8 billion (£4 billion).
Based in London, England, the amusement conglomerate is sincerely the second-largest cinema chain in the world, with 9,518 monitors across 790 sites.
There are Cineworld cinemas in ten special international locations along with Bulgaria, Czech Republic, Hungary, Ireland, Israel, Poland, Romania, Slovakia and the UK.
The method is taken when an business enterprise is no longer able to meet their monetary obligations and pay their lenders when money owed are due. Cineworld’s losses began in the course of the pandemic when cinemas have been forced to closed and the chain never managed to regain profits post-lockdown.