The places to be shuttered embrace seven multiplexes in California and 6 in New York.
As Cineworld continues its chapter proceedings, its subsidiary Regal Cinemas will shut 39 theater places beginning subsequent month, The Wrap has reported. The iconic Sherman Oaks Galleria location that the cinema chain had acquired from the defunct Arclight Cinemas, in June 2021, is among the many places set to shut down.
Per the report, Regal Cinemas will start rejecting leases for the closing places on February 15. In the chapter filings, post-pandemic prices like rising hire fueled by deferred funds from the pandemic are listed as as the primary motive for the closures. It additional claimed that the typical month-to-month hire per theater elevated by 30% from 2019 to 2022. The new submitting states:
“In the lead up to these chapter 11 cases, the Debtors undertook an extensive analysis of their U.S. lease portfolio as part of formulating a revised, go-forward business plan. The objective of that analysis has been, and continues to be, identifying unprofitable, underperforming, or otherwise undesirable theater locations in the United States. In total, the Debtors estimate that rejecting the Leases will save their estates approximately $22 million annually.”
The pandemic has had fairly an affect on the theatre enterprise and now the tolls are taking impact. Currently, Cineworld has a $4.8 billion debt, taking a $3 billion loss in 2020 as theaters worldwide have been shuttered. While the field workplace has improved over the previous yr with a home complete of $7.38 billion, up from the $4.4 billion grossed in 2021, because of options like Marvel Studios’ Spider-Man: No Way Home, Shang-Chi and the Legend of the Ten Rings, and Sony’s Venom: Let There Be Carnage amongst many others that pulled the viewers again to the cinema. Still, in distinction, that complete is roughly $4 billion lower than the $11.3 billion grossed in North America in 2019.
The full record of closed theaters consists of seven multiplexes in California and 6 in New York. This is on prime of the 12 places together with multiplexes in Anaheim, Portland, Cleveland, and Las Vegas in addition to extra that have been already closed this previous fall following the chapter announcement from Cineworld. However, The Sherman Oaks Galleria location is the one one closing in Los Angeles County whereas Regal nonetheless operates in cinemas at L.A. Live in downtown, North Hollywood, Simi Valley, and Palos Verdes, amongst others. At the time of chapter, Regal operated roughly 500 cinemas nationwide.
See the total record of closing Regal Cinemas places:
- Tikahtnu Stadium 16 Imax and RPX (Anchorage, AK)
- Metro Point (Costa Mesa, CA)
- Berkeley 7 (Berkeley, CA)
- Parkway Plaza Stadium 18 and Imax (El Cajon, CA)
- Escondido Stadium 16 and Imax (Escondido, CA)
- Hemet Cinema 12 (Hemet, CA)
- Sherman Oaks Galleria 16 (Los Angeles, CA)
- Yorda Linda and Imax (Yorba Linda, CA)
- Meadows Stadium 12 (Littleton, CO)
- SouthGlenn Stadium 14 (Centennial, CO)
- Shadowood 16 (Boba Raton, FL)
- South Beach Stadium 18 and Imax (Miami, FL)
- Keauhou Stadium 7 (Kailua-Kona, HI)
- Bolingbrook Stadium 12 (Bolingbrook, IL)
- Round Lake Beach Stadium 18 (Round Lake Beach, IL)
- Fenway Stadium 13 and RPX (Boston, MA)
- Bowie Stadium 14 (Bowie, MD)
- Rockville Center Stadium 13 (Rockville, MD)
- Brunswick 10 (Brunswick, ME)
- Beaver Creek Stadium 12 (Apex, NC)
- Omaha Stadium 16 (Omaha, NE)
- Concord 10 (Concord, NH)
- Hamilton Commons Stadium 14 (Landing, NJ)
- Pohatcong Stadium 12 (Phillipsburg, NJ)
- Santa Fe Stadium 14 (Santa Fe, NM)
- Village Square Stadium 18 (Las Vegas, NV)
- Elmwood Center 16 (Buffalo, NY)
- Ithaca Mall Stadium 14 (Ithaca, NY)
- Cortlandt Town Center (Mohegan Lake, NY)
- Union Square Stadium 14 (New York, NY)
- Greece Ridge Stadium 12 (Rochester, NY)
- Transit Center Stadium 18 and Imax (Williamsville, NY)
- Montrose Movies Stadium 12 (Akron, OH)
- Barn Plaza Stadium 14 (Doylestown, PA)
- Oaks Stadium 24 (Oaks, PA)
- Greenbrier Stadium 13 (Chesapeake, VA)
- Stonefield Stadium 14 and Imax (Charlottesville, VA)
- Meridian 16 (Seattle, WA)
- Gallery Place Stadium 14 (Washington, DC)