Parent Company Of Regal 20 Cinemas Filing For Bankruptcy
The owner of the Regal 20 cinemas, Cineworld is considering filing for Chapter 11 bankruptcy protection. The statement from Cineworld said “Cineworld would expect to maintain its operations in the…
GLASGOW – OCTOBER 05: Members of the public walk past the Cineworld cinema in Renfrew street on October 05, 2020 in Various Cities, . The movie theatre chain confirmed closure of 127 cinemas in the United Kingdom and and 536 in United States. The company said that, as the industry grapples with the Covid-19 pandemic, it cannot provide its customers with the “breadth of strong commercial films necessary for them to consider coming back to theatres”. (Photo by Jeff J Mitchell/Getty Images)
The owner of the Regal 20 cinemas, Cineworld is considering filing for Chapter 11 bankruptcy protection.
The statement from Cineworld said "Cineworld would expect to maintain its operations in the ordinary course until and following any filing and ultimately to continue its business over the longer term with no significant impact upon its employees". Read, they're not planning on closing Regal 20.
All of this comes about after the company said last week that recent admission levels are below expectations despite the gradual recovery in demand since reopening its theatres in April of 2021.
They also confessed that they are expecting the low admission levels to continue through Thanksgiving due to a limited slate of films set for release.
Along with owning Regal 20, Cineworld owns more than 500 movie theatres across the country. They are the second largest movie theatre chain in the country behind AMC theaters.
The folks at AMC commented on the upcoming slate of films saying "the company continues to be quite optimistic about the increasing demand for it's movie theatres in the fourth quarter of 2022 and the calendar year 2023.
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