Cineworld reportedly shutting down cinemas as lack of blockbusters make industry 'unviable'

Upcoming James Bond flick No Time To Die became the latest in a long line of blockbusters to retreat into 2021, with Marvel's Black Widow among the other heavy hitters.

The move comes following the disappointing financial performance of Christopher Nolan's Tenet, which landed in British cinemas in late August but made a fraction of initial expectations.

With film studios unwilling to release their mega-budget projects in such a hostile environment, cinemas have suffered the consequences as business has dwindled to historic lows.

Cineworld reported a $1.6 billion loss for the first six months of the year, as the vast majority of its venues were inactive during coronavirus-induced lockdowns around the world.

As the UK's largest cinema chain, Cineworld owns 128 sites across the UK and Ireland, employing 5,500 staff members who may be asked to accept redundancy, with a possibility of returning to the company next year if business resumes.

In response to The Sunday Times report, Cineworld Action Group, comprised by a number of the company's UK employees, published a tweet claiming there has been "no consultation with staff whatsoever" regarding the closures.

Variety reports that Cineworld is making similar plans in the US, where it operates 543 venues under the Regal Cinemas branding, all of which are set to be temporarily shuttered.

There is currently no confirmed date for when these cinemas could reopen, with one possibility being that they won't return until sometime into 2021.