THE future of two Newport cinemas looks bleaker by the day, with Cineworld announcing huge drops in stock prices in recent days.

The cinemas in Friars Walk and Spytty Park are among four in Wales, more than 100 in the UK and Ireland, at risk of closure.

Back in August last year, Cineworld confirmed to the Argus, that they were still leasing the Friars Walk site - with reports of a sale to Odeon in the meantime also denied.

Over the years, cinemas in Newport's Clarence Place and Bridge Street have bitten the dust, with locals worried about losing the theatres they have left.

Cineworld announced it was beginning Chapter 11 cases or “reorganisation bankruptcy", in September 2022 in hopes of tackling debt levels exacerbated by slower admissions since the pandemic.

Cineworld stock plummeted by 42.58 per cent in the last five days amidst its ongoing battle with debts of $6 billion.

However, on Friday, February 24, the cinema chain claimed it had been approached by potential suitors interested in investing in a takeover.

Joshua Sussberg, Cineworld’s lawyer, said: "The company has now received 40 non-bidding proposals from several potential transaction counterparties for some or all of the group’s businesses.

"None of these proposals involves an all-cash bid for the entire business.”

In March 2020, Cineworld closed its theatres worldwide in response to Covid-19, furloughed most of its staff, and began to develop and implement cost-saving measures to help the company survive the pandemic.

Mooky Greidinger, Cineworld CEO, said: “The pandemic was an incredibly difficult time for our business, with the enforced closure of cinemas and huge disruption to film schedules that has led us to this point.”