FINAL CURTAIN
Cinema chain with over 100 locations to shut doors on major city site for good in HOURS
Find out what is happening across the hospitality and cinema sector
A CINEMA chain with over 100 locations is shutting down one of its major branches in just hours.
The clock is ticking for movie lovers in London as Odeon Cinemas is shutting up shop at one of its most iconic locations for good.
2
2
Odeon’s Surrey Quays, London, cinema will shut for the final time today, leaving film fans scrambling for their last chance to catch a flick at this historic site.
The closure comes shortly after the popular cinema chain axed it's Coven Garden site earlier this month.
The decision to close these popular venues comes as both locations are set to be redeveloped by their landlords.
In a statement, an Odeon spokesperson said: “Odeon confirms it will be closing its Covent Garden and Surrey Quays cinemas.
Closures
"This is due to redevelopment plans at both sites by the respective landlords.
"Supporting our local cinema teams is our number one priority, and we will be looking to secure jobs for as many of them as possible in one of our other local cinema locations.
"We would like to apologise to our guests for any inconvenience this will cause.”
The Covent Garden site has been earmarked for transformation into a "luxury" hotel and theatre complex.
Most read in Money
There’s even speculation that Cirque du Soleil may take an interest in the space as a potential 400-seat venue.
Cineworld confirms plans to temporarily close all 127 of its UK cinemas with 5,500 jobs at risk of being axed
One disheartened film fan shared their disappointment on social media about the Covent Garden closure : “Just popped into @ODEONCinemas and yes, it closes this Thursday.
"The site is being converted into a luxury hotel and theatre. Very sad.”
Now the venue located at Surrey Quays Leisure Park is also going for goood, as the area will be redeveloped.
Also set to close at the shopping and leisure park is Pizza Hut and Hollywood Bowl.
Developers of the area which is near Canada Water tube station say they will build 384 new homes and a Tesco Extra supermarket.
“The redevelopment of the leisure park was approved by Southwark Council in early autumn last year.”
British Land added that the closure of Pizza hut and the bowling alley are to "ensure they could remain open during the school summer holidays".
The Canada Water Masterplan is well underway, with phase one of the project nearly complete.
Part of the plan will involve knocking down the Surrey Quays Shopping Centre and building a new town centre.
Odeon has already faced significant cuts in recent times.
Last year saw the closure of several cinemas including those in Magdalen Street, Oxfordshire, and Blackpool’s Rigby Road.
The company had promised to relocate staff and support affected employees.
What is happening across hospitality and the cinema sector?
Odeon confirmed it would close five of its branches in May last year.
Cineworld has revealed six UK sites it will close as it enters the first phase of a major restructuring.
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 shut 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.
Some retailers and venues have closed a few branches here and there for various reasons, like when a store lease has come to an end.
Other examples of one-off rather than widespread closures is if there are changes in the area, like a shopping centre closing, and in some cases a branch will close to relocate to another area.
Some chains have faced tougher conditions though, forcing them to shut dozens of stores, or all of them in the worst case.
Cineworld is also in the spotlight with reports of up to 25 of its UK cinemas potentially closing as part of a major restructuring plan.
Six venues in Glasgow, Bedford, Hinckley, Loughborough, Yate, and Swindon will be closing down over the coming months in the first phase of a major restructuring.
The chain is seeking to renegotiate rent agreements for about 50 of its locations, but if landlords and Cineworld can't strike a deal, even more cinemas could face the axe.
The Sun understands that Cineworld's restructuring plans will soon be formally communicated to creditors and landlords.
The process would involve the company working with advisers to explore options that could include a sale or further closures.
The cost-of-living crisis has meant households have less money in their pockets, leading some to cut back on their spending.
This has hit retailers, restaurants and other venues, with reduced number of visitors spending less.
They have also faced higher costs from rising energy costs, rents and business rates.
Figures from the Centre for Retail Research, a research foundation, revealed almost 10,500 shops closed for the final time in 2023.
READ MORE SUN STORIES
The 12-month period also saw over 119,000 jobs lost across the sector.
According to the Centre's most recent data, 1,846 stores have closed and 23,982 retail jobs were lost during the first six months of 2024.
Topics