Regal Cinema is closing 39 movie theaters in the United States. This move follows the financial troubles of its parent company, Cineworld, which declared bankruptcy under Chapter 11 four months ago.
The COVID-19 pandemic greatly impacted the film industry and public movie showings, leading to this downturn. Cineworld announced this week that, starting February 15, they will terminate leases for these 39 locations, cutting their yearly expenses by $22 million.
Regal Cinema Strives to Keep Doors Open Amid Closures
Cineworld, the parent company of Regal Cinemas, is actively negotiating with landlords to keep its remaining theaters operational. Despite closing 39 theaters recently and 12 last September, around 500 Regal Cinema locations remain open.
Cineworld expressed optimism in its recent filing, hoping these discussions will reduce rent and other lease charges, helping more theaters stay open.
Cineworld's bankruptcy filing last year was part of its plan to reduce debt. The company believes this move will strengthen its financial standing and enhance its ability to grow and succeed in the cinema industry.
Cineworld plans to shut down 130 theaters in the US during its bankruptcy proceedings in Texas. Since filing for Chapter 11 in September, the company has sought court approval to exit leases of theaters deemed unprofitable or unnecessary.
Cineworld's recent bankruptcy filing comes amidst broader difficulties in the movie theater industry, which is still recovering from the pandemic's impact. In 2022, the North American box office earned $7.4 billion, reports Comscore.
This figure is significantly lower than the over $11 billion revenue generated in 2018 and 2019, highlighting the sector's struggle to regain its pre-pandemic strength.
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Regal Cinema Announces Major Theater Closures
Regal Cinemas, America's second-largest theater chain after AMC Theaters, is set to close several locations. With AMC boasting 950 theaters, Regal remains a significant player in the industry. However, the following list details the Regal theaters that are scheduled for closure across various states:
Tikahtnu Stadium 16, Anchorage, Alaska
Metro Point, Costa Mesa, California
Berkeley 7, Berkeley, California
Parkway Plaza Stadium 18 and Imax, El Cajon, California
Escondido Stadium 16 and Imax, Escondido, California
Hemet Cinema 12, Hemet, California
Sherman Oaks Galleria 16, Los Angeles, California
Yorba Linda and Imax, Yorba Linda, California
Meadows Stadium 12, Littleton, Colorado
SouthGlenn Stadium 14, Centennial, Colorado
Shadowood 16, Boca Raton, Florida
South Beach Stadium 18 and Imax, Miami, Florida
Keauhou Stadium 7, Kailua-Kona, Hawaii
Bolingbrook Stadium 12, Bolingbrook, Illinois
Round Lake Beach Stadium 18, Round Lake Beach, Illinois
Fenway Stadium 13 and RPX, Boston, Massachusetts
Bowie Stadium 14, Bowie, Maryland
Rockville Center Stadium 13, Rockville, Maryland
Brunswick 10, Brunswick, Maine
Beaver Creek Stadium 12, Apex, North Carolina
Omaha Stadium 16, Omaha, Nebraska
Concord 10, Concord, New Hampshire
Hamilton Commons Stadium 14, Landing, New Jersey
Pohatcong Stadium 12, Phillipsburg, New Jersey
Santa Fe Stadium 14, Santa Fe, New Mexico
Village Square Stadium 18, Las Vegas, Nevada
Elmwood Center 16, Buffalo, New York
Ithaca Mall Stadium 14, Ithaca, New York
Cortlandt Town Center, Mohegan Lake, New York
Union Square Stadium 14, New York, New York
Greece Ridge Stadium 12, Rochester, New York
Transit Center Stadium 18 and Imax, Williamsville, New York
Montrose Movies Stadium 12, Akron, Ohio
Barn Plaza Stadium 14, Doylestown, Pennsylvania
Oaks Stadium 24, Oaks, Pennsylvania
Greenbrier Stadium 13, Chesapeake, Virginia
Stonefield Stadium 14 and Imax, Charlottesville, Virginia
Meridian 16, Seattle, Washington
Gallery Place Stadium 14, Washington, DC
Related Article: Goodbye to the Big Screen: Regal Cinema's Closure Shakes Movie Industry and Fans
