(Reuters) – Cineworld is in talks about a possible sale as part of a strategic overhaul that could lead to a wholesale restructuring of its business, Sky News reported on Saturday, citing unnamed sources.
The operator and owner of brands including Regal, Cinema City, Picturehouse and Planet has appointed AlixPartners as an adviser to work on the potential sale of its UK assets, the report said, adding that the sale process is expected to last several weeks. .
The company emerged from Chapter 11 bankruptcy less than a year ago after filing for bankruptcy in the U.S. in 2022 to restructure its debt.
Sky said it was also considering alternative options, including a company voluntary agreement that could risk the closure of an undetermined number of cinemas in the UK.
A Cineworld spokesman told the news outlet: “Like many companies, we are constantly reviewing our operations in the UK.”
Cineworld and AlixPartners did not immediately respond to Reuters’ requests for comment.