Regal is closing all cinemas within the US and UK on Thursday
The second largest cinema chain within the US is quickly closing its doorways nationwide. Cineworld, father or mother firm of Regal, introduced that it is going to be suspending operations of its 536 Regal theaters as of Thursday, October 8. 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 staff throughout the US, the corporate introduced. It additionally impacts 5,500 staff within the UK, The Guardian reviews.
In the present day’s announcement follows information over the weekend that the discharge of the twenty fifth James Bond movie, No Time to Die, has once more been pushed again to April 2021 because of the 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 Avenue Journal. “We can’t 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 laborious by the pandemic.
The Cineworld closure is indefinite. Reopening will rely upon the discharge schedule set by the studios, in line with Regal.
“Regal will proceed to watch the scenario intently 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 carry their pipeline of main releases again to the massive display,” the corporate says in a press release.
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