The movie theater industry has been hit hard by the COVID-19 pandemic, with many businesses forced to close or file for bankruptcy due to the aftereffects of the pandemic. While COVID may have slowed, companies are still feeling the impact of the lengthy covid restrictions.
Regal Cinema Closing 39 Branches
According to The Wrap, Regal Cinemas will be closing 39 branches, including the Union Square location in New York City and the Sherman Oaks Galleria location in Los Angeles, next month. This news follows Regal Cinemas bankruptcy filing in August, with reports suggesting that CineWorld may also file for an insolvency proceeding in the United Kingdom.
The closure of these branches is a significant blow to the movie theater industry, and it remains to be seen how other theater chains will fare in the coming months. The pandemic has caused a decline in movie-going, with many people opting to stay at home and stream movies instead. Additionally, the release of many major Hollywood films has been delayed or shifted to streaming platforms, further impacting the movie theater industry.
Cineworld feeling the effects of the ongoing COVID pandemic
CineWorld CEO, Mooky Greidinger, has commented that every company does not have the good fortune of being lifted out of trouble by the arbitrary whims of Reddit, referring to the recent “meme stock” phenomenon that helped AMC Theatres avoid bankruptcy. This is not positive news for the industry and it remains to be seen how other theater chains will fare in the coming months.
Overall, the situation is dire for the movie theater industry, as it continues to struggle with the effects of the pandemic. The closure of these branches is a major loss for the industry, and it is important for government and industry leaders to come together to find ways to support and sustain the movie theater business in these challenging times.
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