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Bleeding cash, Cineworld boss says no choice but to shut sites

Mon, 5th Oct 2020 11:20

LONDON, Oct 5 (Reuters) - The chief executive of cinema
chain Cineworld said he had no choice but to close UK
and U.S. sites because the company bleeds cash by keeping them
open when consumer demand is at such a low level.

"From a liquidity point of view, we were bleeding much
bigger amounts when we are open than when we were closed," CEO
Mooky Greidinger told Sky News on Monday.

"The negative cashflow when we are closed is much smaller.
We are securing the future of the company."

(Reporting by Kate Holton, writing by Sarah Young)

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