This decision was made four months after Cineworld, the firm’s parent company, filed for Chapter 11 bankruptcy. The decision was made because the pandemic had a devastating effect on the industry as well as public screenings.Thank you for reading this post, don't forget to subscribe!
Cineworld said in a statement this week that commencing on February 15; it intends to reject leases for 39 of its theatres, which would result in an annual savings of $22 million for the firm.
Cineworld is collaborating with its landlords in an effort to maintain operations at its other cinemas. After these closures as well as a prior phase in September 2022 that saw the closing of 12 sites, there are around 500 left.
Cineworld said in last week’s filing that the company’s “debtors are confident that these talks will lead to lease reductions and adjustments that would avoid the need for rejection and allow further cinema locations to stay operating.”
The previous year, when Cineworld declared its intention to file for bankruptcy, the firm said that it intended to get rid of its debt. The company believes that by filing for bankruptcy, it would be able to “strengthen its balance sheet and offer the financial strength and flexibility to accelerate, and capitalise on, Cineworld’s strategy in the movie business.”
According to its website, AMC Theaters is the biggest theatre company in the United States, with 950 sites. Regal Cinemas is the second-largest theatre chain in the country.
The following stores are among those that Regal intends to close:
- Metro Point in Costa Mesa, California
- Escondido Stadium 16 and Imax in Escondido, California
- Berkeley 7 in Berkeley, California
- El Cajon, California’s Parkway Plaza Stadium 18 and Imax may be found there.
- Tikahtnu Stadium 16 in Anchorage, Alaska
- Sherman Oaks Galleria 16 is located in the city of Los Angeles, California.
- Hemet Cinema 12 in Hemet, California
- In the city of Centennial, Colorado’s SouthGlenn Stadium 14,
- Yorba Linda and Imax in Yorba Linda, California
- Littleton, Colorado’s Meadows Stadium 12, located at
- Imax and South Beach Stadium 18 are both located in Miami. Florida
- Boca Raton, Florida’s Shadowood 16,
- Bolingbrook Stadium 12 in Bolingbrook, Illinois
- Keauhou Stadium 7 in Kailua-Kona, Hawaii
- Fenway Stadium 13 and RPX in Boston, Massachusetts
- Round Lake Beach Stadium 18 at Round Lake Beach, Illinois
- Rockville Center Stadium 13 in Rockville, Maryland
- Bowie Stadium 14 in Bowie, Maryland
- Apex, North Carolina’s Beaver Creek Stadium 12 is located there.
- Brunswick 10 in Brunswick, Maine
- New Hampshire’s Concord 10 in the city of Concord
- Omaha Stadium 16 in Omaha, Nebraska
- Phillipsburg’s Pohatcong Stadium 12 is located in New Jersey.
- Landing, New Jersey’s Hamilton Commons Stadium 14.
- Village Square Stadium 18 in Las Vegas, Nevada
- New Mexico’s Santa Fe Stadium 14, in Santa Fe.
- New York’s Ithaca Mall Stadium 14, in Ithaca.
- Buffalo’s Elmwood Center 16, in The Big Apple
- New York’s Cortlandt Town Center may be found at Mohegan Lake.
- Greece Ridge Stadium 12, in Rochester, New York;
- Transit Center Stadium 18, in Williamsville, New York; and Imax.
- New York’s Union Square Stadium 14 in New York.
- Oaks Stadium 24 in Oaks, Pennsylvania
- Montrose Movies Stadium 12 in Akron, Ohio
- Doylestown, Pennsylvania’s Barn Plaza Stadium 14.
- Greenbrier Stadium 13 in Chesapeake,
- Virginia Stonefield Stadium 14 and Imax in Charlottesville,
- Virginia Meridian 16 in Seattle,
- Washington Gallery Place Stadium 14 in Washington,
- District of Columbia Greenbrier Stadium 13 in Chesapeake,
- Virginia Gallery Place Stadium 14 in Washington, District of Columbia