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

People walk past a Cineworld in Leicester's Square, amid the coronavirus disease (COVID-19) outbreak in London, Britain

The chief executive of cinema chain Cineworld CINE.L 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.”

Was it worth reading? Let us know.