Regal Cinemas, the second-largest chain of movie theaters in the U.S., will close 39 locations after its parent company
Cineworld filed for
bankruptcy in September, according to legal filings obtained by
Variety.
Cineworld will reject the leases beginning Feb. 15. Amid a massive decline in the domestic box office during the COVID-19 pandemic, the monthly rent per theater increased by nearly 30% from 2019 to 2022, according to the latest bankruptcy filing.
“In total, the Debtors estimate that rejecting the Leases will save their estates approximately $22 million annually,” the document states. Any personal property of little value remaining at the locations will be abandoned.
Cineworld operates 747 locations with 9,139 screens in 10 countries, with roughly 500 of those theaters in the U.S. Theatrical moviegoing has taken a huge hit during the pandemic, with the 2022 domestic box office tapping out at $7.5 billion, an approximate 30% decrease from the $11.4 billion in 2019 pre-COVID. The company took a loss of $3 billion in 2020, as many theaters remained shuttered, and a $708.3 million loss before tax in 2021. The net debt, excluding lease liabilities, was $4.84 billion.
Here are the 39 locations will be closed, via
Business Insider, which first reported the news.
- Tikahtnu Stadium 16 Imax and RPX (Anchorage, AK)
- Metro Point (Costa Mesa, CA)
- Berkeley 7 (Berkeley, CA)
- Parkway Plaza Stadium 18 and Imax (El Cajon, CA)
- Escondido Stadium 16 and Imax (Escondido, CA)
- Hemet Cinema 12 (Hemet, CA)
- Sherman Oaks Galleria 16 (Los Angeles, CA)
- Yorda Linda and Imax (Yorba Linda, CA)
- Meadows Stadium 12 (Littleton, CO)
- SouthGlenn Stadium 14 (Centennial, CO)
- Shadowood 16 (Boba Raton, FL)
- South Beach Stadium 18 and Imax (Miami, FL)
- Keauhou Stadium 7 (Kailua-Kona, HI)
- Bolingbrook Stadium 12 (Bolingbrook, IL)
- Round Lake Beach Stadium 18 (Round Lake Beach, IL)
- Fenway Stadium 13 and RPX (Boston, MA)
- Bowie Stadium 14 (Bowie, MD)
- Rockville Center Stadium 13 (Rockville, MD)
- Brunswick 10 (Brunswick, ME)
- Beaver Creek Stadium 12 (Apex, NC)
- Omaha Stadium 16 (Omaha, NE)
- Concord 10 (Concord, NH)
- Hamilton Commons Stadium 14 (Landing, NJ)
- Pohatcong Stadium 12 (Phillipsburg, NJ)
- Santa Fe Stadium 14 (Santa Fe, NM)
- Village Square Stadium 18 (Las Vegas, NV)
- Elmwood Center 16 (Buffalo, NY)
- Ithaca Mall Stadium 14 (Ithaca, NY)
- Cortlandt Town Center (Mohegan Lake, NY)
- Union Square Stadium 14 (New York, NY)
- Greece Ridge Stadium 12 (Rochester, NY)
- Transit Center Stadium 18 and Imax (Williamsville, NY)
- Montrose Movies Stadium 12 (Akron, OH)
- Barn Plaza Stadium 14 (Doylestown, PA)
- Oaks Stadium 24 (Oaks, PA)
- Greenbrier Stadium 13 (Chesapeake, VA)
- Stonefield Stadium 14 and Imax (Charlottesville, VA)
- Meridian 16 (Seattle, WA)
- Gallery Place Stadium 14 (Washington, DC)
variety.com
