Sky News has learned that the cinema operator will announce a restructuring plan on Friday, leading to the closure of approximately 25 sites across the UK.

According to city sources, around half a dozen Cineworld cinemas will begin the closure process immediately and will shut their doors for the last time later this summer.

The exact number of job losses remains uncertain, though one source indicated it would be “at least in the hundreds.”

Cineworld’s public relations advisers at Hill & Knowlton did not respond to inquiries.

The company has entered preliminary talks with several of Britain’s largest commercial landlords, including Landsec and Legal & General, regarding its restructuring plans.

For the plan to proceed, a majority of creditors must approve the proposal to close around 25 sites and seek rent reductions at an additional 50 locations. Approximately 25 cinemas will remain unaffected if the plan is approved.

Some landlords are reportedly considering opposing the proposals, though it is unclear if they would constitute a sufficient number to block the restructuring plan.

Initially, Cineworld explored the possibility of selling the business to prospective buyers, but has now shifted its focus to a formal restructuring process. The company is being advised by AlixPartners.

Other cinema operators are expected to take over some of Cineworld’s sites.

The company operates more than 100 sites in Britain, including the Picturehouse chain, and employs thousands of people, although its public relations adviser has not confirmed the exact figures.

Under the leadership of the Greidinger family, Cineworld expanded into a global giant, acquiring chains such as Regal in the US in 2018 and the British company of the same name four years earlier. However, its massive debt led to a crisis, forcing the company into Chapter 11 bankruptcy protection in 2022.

Cineworld delisted from the London Stock Exchange last August after its share price plummeted amid fears for its survival. Under a deal struck last year, several billion dollars of debt were converted into shares, and a significant amount of new money was injected into the company by a group of hedge funds and other investors.

Cineworld also operates in Central and Eastern Europe, Israel, and the US.

Following its emergence from bankruptcy protection, Cineworld appointed a new leadership team, with Eduardo Acuna, former head of Mexican cinema chain Cinepolis’s operations in the Americas, as its chief executive.

Major summer film releases in Britain include “Despicable Me 4,” “A Quiet Place: Part One,” and “Alien: Romulus.”