The second largest cinema chain within the US is quickly closing its doorways nationwide. Cineworld, guardian firm of Regal, introduced that it is going to be suspending operations of its 536 Regal theaters as of Thursday, October eight. The suspension additionally impacts 127 Cineworld and Picturehouse cinemas within the UK.
Cineworld had solely simply reopened theaters in August. The closures will affect roughly 40,000 workers throughout the US, the corporate introduced. It additionally impacts 5,500 workers within the UK, The Guardian experiences.
At present’s announcement follows information over the weekend that the discharge of the 25th James Bond movie, No Time to Die, has once more been pushed again to April 2021 as a result of ongoing pandemic. Theaters have been relying on the newest 007 installment to drive sagging ticket gross sales.
“We’re like a grocery store that doesn’t have greens, fruit, meat,” Cineworld CEO Mooky Greidinger tells The Wall Road Journal. “We can not function for a very long time with out a product.”
Cineworld reported a lack of $1.6 billion within the first half of 2020. The biggest US theater chain, AMC, has additionally been hit arduous by the pandemic.
The Cineworld closure is indefinite. Reopening will depend on the discharge schedule set by the studios, in line with Regal.
“Regal will proceed to observe the state of affairs carefully and can talk any future plans to renew operations on the acceptable time, when key markets have extra concrete steerage on their reopening standing and, in flip, studios are capable of deliver their pipeline of main releases again to the large display screen,” the corporate says in an announcement.