Cineworld closes 12 Regal Cinemas after bankruptcy filing

Less than a month after filing for Chapter 11 bankruptcy, Regal Cinemas’ parent company, Cineworld, has closed a dozen U.S. theaters as part of a cost-cutting and restructuring plan. . Most of the movie theaters are said to be aging buildings that needed work to catch up to today’s fast-moving movie industry standards, and at least one – located in Calabasas, Calif. – could be taken over by Regal’s opponent. . AMC Theaters. The 12 closings were part of a batch of 20 leases that Cineworld had asked to cancel during its bankruptcy proceedings.

According to Deadline, which first reported the move, the closures include Anaheim Hills 14, Calabasas Stadium 6, Westpark 8 in the Los Angeles market; Crow Canyon Stadium 6 in San Francisco’s Broadway Faire in Fresno, California; Richland Crossing Stadium in the Philadelphia area, Parkway Plaza Stadium 12 in the Seattle-Tacoma market, Greenville Grande Stadium in North Carolina, Middleburg Town Square Stadium 16 in Cleveland-Akron, Sherwood Stadium 10 in Portland, OR, Colonnade Stadium 14 in Las Vegas, and Amarillo Star Stadium 14 in Texas.

News of a bankruptcy filing came back in August, with The Wall Street Journal also saying that in the UK (where Cineworld is based) they are considering filing for insolvency. It’s the latest in a series of serious problems for Cineworld, which avoided bankruptcy in 2020 because, plagued by the pandemic, creditors had a little better understanding of the cinema chain’s problems.

AMC Theaters ended up getting an infusion of cash from the internet, which turned the failing channel into a “meme store” like Gamestop. Cineworld chief executive Mooky Greidinger told the Wall Street Journal that not all companies are lucky enough to be bailed out by the arbitrary whims of Reddit.

“I think what happened to them is a very good thing for AMC. And you know, we’re traded in the UK market. Not all stocks in the US market are similar stocks. And I think AMC is done well,” he added. Greidinger said, adding, “I don’t think any industry wants to see any of the major players in the industry go down. That’s not good news for anyone.”

It is not yet known whether the remaining 8 theaters will remain open. It is likely that this will depend on their ability to renegotiate favorable terms with their owners.

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