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:
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Tikahtnu Stadium 16, Anchorage, Alaska
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Metro Point, Costa Mesa, California
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Berkeley 7, Berkeley, California
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Parkway Plaza Stadium 18 and Imax, El Cajon, California
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Escondido Stadium 16 and Imax, Escondido, California
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Hemet Cinema 12, Hemet, California
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Sherman Oaks Galleria 16, Los Angeles, California
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Yorba Linda and Imax, Yorba Linda, California
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Meadows Stadium 12, Littleton, Colorado
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SouthGlenn Stadium 14, Centennial, Colorado
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Shadowood 16, Boca Raton, Florida
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South Beach Stadium 18 and Imax, Miami, Florida
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Keauhou Stadium 7, Kailua-Kona, Hawaii
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Bolingbrook Stadium 12, Bolingbrook, Illinois
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Round Lake Beach Stadium 18, Round Lake Beach, Illinois
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Fenway Stadium 13 and RPX, Boston, Massachusetts
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Bowie Stadium 14, Bowie, Maryland
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Rockville Center Stadium 13, Rockville, Maryland
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Brunswick 10, Brunswick, Maine
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Beaver Creek Stadium 12, Apex, North Carolina
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Omaha Stadium 16, Omaha, Nebraska
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Concord 10, Concord, New Hampshire
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Hamilton Commons Stadium 14, Landing, New Jersey
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Pohatcong Stadium 12, Phillipsburg, New Jersey
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Santa Fe Stadium 14, Santa Fe, New Mexico
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Village Square Stadium 18, Las Vegas, Nevada
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Elmwood Center 16, Buffalo, New York
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Ithaca Mall Stadium 14, Ithaca, New York
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Cortlandt Town Center, Mohegan Lake, New York
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Union Square Stadium 14, New York, New York
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Greece Ridge Stadium 12, Rochester, New York
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Transit Center Stadium 18 and Imax, Williamsville, New York
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Montrose Movies Stadium 12, Akron, Ohio
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Barn Plaza Stadium 14, Doylestown, Pennsylvania
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Oaks Stadium 24, Oaks, Pennsylvania
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Greenbrier Stadium 13, Chesapeake, Virginia
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Stonefield Stadium 14 and Imax, Charlottesville, Virginia
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Meridian 16, Seattle, Washington
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Gallery Place Stadium 14, Washington, DC
Related Article: Goodbye to the Big Screen: Regal Cinema's Closure Shakes Movie Industry and Fans
