45,000 jobs are to have a major hit in US and UK. Read what happened

Cineworld, the world's second-biggest cinema chain will close its UK and US movie theatres this week, leaving as many as 45,000 workers unemployed, as it fights a coronavirus-related collapse in film releases and cinema-going.

The company said that the unwillingness of studios to go ahead with major releases such as the new James Bond film had left it no choice but to close all 536 Regal theatres in the US, and its 127 Cineworld and Picturehouse theatres in the UK from October 8.

Cineworld's statement on Monday approving leaks over the weekend, spelt out the scale of job losses from its move, which affects thousands of ancillary staff including cleaners and security as well as its employees. The shares fell as much as 60% to an all-time low within ten minutes of the opening bell on Monday as the group is carrying heavy liability due in part to its acquisition of Regal in 2018, and said it was looking at all ways of raising additional required funds as per the conditions. By 0915 GMT, they were 30% lower, totalling their loss of the year to be around 90%.

Cineworld began reopening around July after virus-related boundaries started to ease, but the further postponement of the James Bond film "No Time To Die" and others including Marvel's "Black Widow" has left the months ahead looking bleak.

"The spread of COVID-19 around the world has been a horror movie for the industry and the fresh wave of infections is the latest instalment in what's been a devastating story for cinema chains".