It expects filing for bankruptcy will “strengthen its balance sheet and provide the financial strength and flexibility to accelerate, and capitalize on, Cineworld’s strategy in the cinema industry.” When Cineworld announced its decision to file for bankruptcy last year, the company said it wanted to shed debt. “The debtors are hopeful that these negotiations will lead to lease concessions and modifications that will obviate the need for rejection and enable additional theater sites to remain open,” Cineworld said in this week’s filing. Around 500 remain, after these closures and a previous round in September 2022 that shuttered 12 locations. In a filing this week, Cineworld said it is planning to reject leases for the 39 theaters beginning February 15, saving the company $22 million annually.Ĭineworld is working with landlords to keep its other theaters open. The decision comes four months after its parent company Cineworld filed for Chapter 11 bankruptcy after the pandemic devastated the industry and public screenings. Regal Cinemas is closing 39 more movie theaters across the United States.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |