Regal closes 39 of its theaters nationwide as it faces bankruptcy
Jenny Goldsberry
Video Embed
Regal Theaters is closing 39 of its locations across the U.S. by Feb. 15.
This comes after parent company Cineworld filed for bankruptcy in September, per filings reported on by Variety. As the second largest theater chain, it had already seen hard times, with its revenues for the first half of 2020 falling by roughly 70% compared to the same time in 2019, according to the Wall Street Journal.
VANISHING VIEWERS: CW’S CRITICS’ CHOICE AWARDS JOINS AWARD SHOWS WITH NEAR RECORD LOW RATINGS
Meanwhile, the monthly rent per theater increased by almost 30% since 2019, per its bankruptcy filing. Cineworld experienced a $3 billion loss in 2020, followed by a $708.3 million loss before taxes in 2021 according to Variety. Its net debt added up to $4.84 billion without leases liabilities.
By rejecting the leases of the 39 locations, the company estimated it would save $22 million annually. The newly closed theaters would bring Regal’s total operating theaters in the U.S. to less than 500. There are still roughly 200 theaters outside of the U.S. in nine other countries.
The shuttering theaters include:
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 (Boca 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)
CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER
The chain recently closed 12 other U.S. locations.
Only 47% of the population in the United States and Canada went to see a movie in 2021, compared to 80% who said they watched movies through TV services or online subscriptions, according to the latest report from the Motion Picture Association.