Shares in Cineworld plunged 57% on Monday, after the world’s second-largest movie chain confirmed it will temporarily close its cinemas in the U.K. and the U.S., putting 45,000 jobs at risk.
U.K. Prime Minister Boris Johnson acknowledged there would be “tough times ahead” in the jobs market following Cineworld’s announcement, but encouraged people to go to the movies.
Cineworld’s move comes after the release of the latest James Bond film, “No Time to Die” was delayed for the second time. The MGM film had been due to be released in April this year, but was then postponed until November because of the pandemic. It is now expected to be released on April 2, 2021.
Cineworld UK:CINE Chief Executive Mooky Greidinger said the closure of its 663 cinemas was “not a decision we made lightly.”
“We did everything in our power to support safe and sustainable reopenings in all of our