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Cineworld pushes back cinema reopening date for UK and US

The chain changed the reopening date to adjust to changes to movie release schedules

Cineworld Group PLC - Cineworld to reopen cinemas in UK, US on July 31

Cineworld Group PLC (LON:CINE) says it will reopen cinemas in the UK and US on July 31.

The FTSE 250-listed firm said the new date, changed from mid-July, is in line with recent adjustments to movie releases schedule.

READ: Cineworld secures new debt deal ahead of July cinema reopening

The screens will show films such as Tenet, Mulan and a special re-release of Christopher Nolan's Inception.

Venues will implement heightened safety measures, including contactless payments, sanitisation procedures, social distancing and seating capacity limits in line with local regulations.

Late on Monday, former bid target Cineplex reiterated Cineworld had no legal basis to terminate the US$2.1bn takeover deal, and is soon to file a claim in the Ontario courts to have the deal completed.

Analysts at Peel Hunt noted that the quarterly results published by Cineplex on Monday give some context to the actions taken by cinema companies as they reopen.

Cost-cutting measures include laying off all hourly staff, reducing salaries of full time employees, reducing capex and suspending its dividend, while revenue for the three months to March 31 tanked by 22%.

Shares advanced 5% to 60.06p on Tuesday morning.

--Adds analyst comment, shares--

Quick facts: Cineworld Group PLC

Price: 56.6 GBX

Market: AIM
Market Cap: £776.53 m

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