Regal Cinemas is the second-largest theater chain in the US. These are the locations it plans to close.
The decision comes four months after its parent company Cineworld filed for Chapter 11 bankruptcy after the pandemic devastated the industry and public screenings. In a filing this week, Cineworld said it is planning to reject leases for the 39 theaters beginning February 15, saving the company $22 million annually. Cineworld is working with landlords to keep its other theaters open. Around 500 remain, after these closures and a previous round in September 2022 that shuttered 12 locations.
“The debtors are hopeful that these negotiations will lead to lease concessions and modifications that will obviate the need for rejection and enable additional theater sites to remain open,” Cineworld said in this week’s filing. When Cineworld announced its decision to file for bankruptcy last year, the company said it wanted to shed debt.
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