It follows the announcement that the upcoming Bond film No time to die was pushed back to April, after hitting theaters next month.
Cineworld could shut down all of its 128 theaters in the UK and Ireland, putting 5,500 jobs at risk, according to the Sunday Times.
The move could be announced as early as tomorrow, with channel bosses preparing to write Boris Johnson and Culture Secretary Oliver Dowden to say the industry has become “unsustainable,” the newspaper reported.
Cinemas were closed in March when the UK entered a nationwide lockdown, but reopened in England on July 4.
The industry struggled during the coronavirus crisis and last month Cineworld announced half-yearly losses $ 1.6 billion (£ 1.3 billion).
There was high demand for Christopher Nolan Tenet’s action thriller last month, but the postponement of the release of the latest Bond film will have been a huge throwback for theaters.
The film’s producers said the change was aimed at allowing it to be seen “by a global theatrical audience.”
The highly anticipated Fast and Furious F9 sequel was also delayed again on Friday, while Disney’s live-action version of Mulan hit Disney Plus last month rather than in theaters.
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Cineworld Action Group, which is run by employees of the movie chain, said there had been “no staff consultation” on the apparent decision.
“We have found vital information about our media jobs throughout the pandemic. Workers were excluded from discussions which should have included our voices, ”they wrote on Twitter.
The group also alleged that staff members were sacked by scheduled phone calls in March and that health and safety concerns were “systematically ignored”.
Cineworld previously said it used government support programs to support the salaries of its 37,000 employees during the lockdown.
Sky News has contacted Cineworld for comment.