Cineworld’s owners are leaning towards putting its British operations through a formal restructuring process after holding initial talks about a sale with prospective buyers, Mark Kleinman of Sky News reports. The movie chain and its advisers at AlixPartners have begun formally exploring a company voluntary arrangement, a mechanism used by retailers and restaurant chains during the COVID pandemic to close stores and cut rents, according to Sky. Publicly traded companies in the move theater space include AMC Entertainment (AMC), Cinemark (CNK), Imax (IMAX), Marcus (MCS) and National CineMedia (NCMI).
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