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More 39 Cinemas are being closed by Regal Cinemas in US

More 39 Cinemas are being closed by Regal Cinemas in US

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.

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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:

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