Cineworld and its landlord the Jersey Development Company have agreed new lease terms to keep the cinema open.
Under the new deal, the multiplex operator will stay on the Waterfront until 2032, but there is an option to pull out in 2027 if it's not making enough money from admissions.
Lease terms with the multiplex operator have been changed, waiving some rent arrears debt in return for a longer term commitment.
It follows widely-reported financial problems for Cineworld, which filed for Chapter 11 bankruptcy in the United States last September,due to the impact of government-imposed closures worldwide during the Covid-19 pandemic.
Several poor-performing cinemas have been forced to closed, and the chain has been renegotiating lease terms with landlords of its other venues to give them the best chance of remaining open.
Visits to Jersey's Cineworld declined from 280,000 in 2019 to 180,000 in 2022.
Lee Henry, CEO of Jersey Development Company is pleased to have reached an agreement with Cineworld:
"The fact that the majority of objections to our future plans for the Waterfront referenced the closure of the cinema highlights the importance of the facility to Islanders. It was incumbent upon us as a government-owned company to facilitate the Island’s community and not simply maximise profit.”
But the JDC has a 'use it or lose it' message for islanders:
"...it is imperative that islanders use the facility more than they currently do to ensure their local cinema multiplex is not forced to close. A break clause from 2027 may be exercised if admissions are not sufficient to ensure the cinema remains financially viable and Islanders are urged to use the cinema and its facilities or risk losing it."
A statement says JDC and Cineworld will continue to work together on to keep the cinema open pending the areas eventual redevelopment. A public inquiry was held in May into the JDCs plans for homes and a leisure complex.
Kevin Frost, Property Director, Cineworld Cinemas said:
“We are grateful to the Jersey Development Company for working with us on the commercial terms to have found a way, together, to keep the local cinema multiplex open and trading for at least the next four years, and hopefully another five after that.”
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