FILM buffs have been left gutted after finding out a major cinema chain is pulling down the shutters on one of its locations.
The owners of Picturehouse have confirmed it will be closing its site in Stratford East on July 29.
It comes after Cineworld, which operates the chain of cinemas, said it would shutter two other Picturehouse locations in Bromley and Fulham Road, London.
The two sites will be closing to members of the public on August 1 and July 11, respectively.
A Picturehouse spokesperson said it had made the difficult decision to close all three cinemas due to “increasing operational costs and declining admissions”.
They commented: “Picturehouse Members will be contacted directly about the remaining time on their Memberships in the coming days.
“We’d like to thank our hard-working teams and our loyal customers for their support over the years.”
The spokesperson also confirmed Picturehouse has opened three new cinemas in the past six months in Ealing, Chester and Epsom.
Picturehouse’s Members scheme is paid annually and opens up free cinema tickets as well as discounts on food and drinks.
Cinema lovers and film buffs have shared their dismay after finding out the Stratford East branch will permanently close.
Posting on Facebook, one said: “The first cinema I was ever a member of. A real shame it’s closing.”
A second commented: “Oh no this is really upsetting. I’m a member & it was the cheesiest place to go plus they did all the special nights etc – gutted.”
A third furiously chimed in: “A DESPICABLE decision.”
A fourth added: “Such a pity, I loved going there.”
Earlier this month, Cineworld was said to be weighing up its options and considering a major restructuring, which could include closures.
Sky News reported the chain, which at the time run 100 cinemas under the Cineworld brand across the UK and Ireland and 28 under the Picturehouse brand, was working with restructuring adviser AlixPartners on a plan that could lead to a sale or restructuring.
According to the broadcaster, such a move could “put an unspecified number of its UK cinemas at risk of closure”.
A restructuring plan lets a company rework its balance sheet so it can restructure debts and release cash into the business.
At the time of the report, a spokesperson for Cineworld said it was “continually reviewing” its UK operations “like many businesses”.
It came after Cineworld emerged from Chapter 11 bankruptcy in the US late last year.
Filing for a Chapter 11 bankruptcy means a company intends to reorganise its debts and assets while remaining in business.
At the time, the future of the chain’s 129 UK and Irish cinemas looked to be at risk.
The company’s shares plunged almost 99% in the five years to 2023, as it was hit particularly hard by the pandemic and the enforced closure of its cinema sites.
The business has posted significant losses since and has also come under pressure from platforms offering streaming services, such as Netflix and Amazon Prime.
In August 2023, the company employed 28,000 workers globally, with operations in 10 countries.
Cineworld isn’t the only chain that’s struggling. Odeon confirmed it would close five of its branches in May last year.
Empire Cinema also closed multiple sites in 2023 after falling into administration in July of the same year.
The company made the decision following “a thorough assessment of all available options”.
The hospitality sector has been struggling too.
In April, family favourite restaurant chain Whitbread revealed it was set to shutter more than 200 locations and axe 1,500 jobs.
It shared the plans in its full year results, saying it planned to convert 112 restaurants into hotel extensions, while closing 126 “loss-making” venues.
Pub giant Wetherspoons has been closing boozers across the UK too, and Byron Burger fell into administration last year.
In March, pizza giant Papa Johns said it would close dozens of locations.
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