5/10/2023 0 Comments Itheater movie![]() ![]() The most distressing consequence of this action will be the threat it brings to the livelihoods of the countless employees that help operate the theater chain’s sites around the globe. The Hollywood Reporter notes that the Cineworld Group’s net debt stood at an alarming $5 billion as of last July and the bankruptcy filing for Regal owner Cineworld shows the chain has yet to fully recover. ![]() Regal operates across 42 US states along with American Samoa, the District of Columbia, Guam and Saipan and the Cineworld subsidiary boasts over 6000 screens across 505 theatres, contributing massively to Cineworld’s global operation. Meanwhile, streaming services, although not without their own problems such as Netflix’s drop in subscriber numbers, continue to release a consistent slate of content.Ĭineworld has a colossal 751 cinemas across 10 countries including Regal Cinemas. Those films show that audiences’ appetite for cinema is still strong, there just isn’t enough content for them to consume in theatres, in part due to the delayed filming caused by the covid pandemic. “These lower levels of admissions are due to a limited film slate that is anticipated to continue until November 2022 and are expected to negatively impact trading and the Group’s liquidity position in the near term.” In short, despite massive hits like Top Gun: Maverickand Doctor Strange in the Multiverse of Madness, showing the aforementioned signs of a blockbuster resurgence, there still aren’t enough tentpole movies drawing audiences in. “Despite a gradual recovery of demand since re-opening in April 2021, recent admission levels have been below expectations,” the company said. Cinpolis USA Movie Theaters & Cinpolis Luxury Cinemas are proud to offer a premium movie going experience Watch the latest movies in style with our. The plan for Regal owner Cineworld to file for bankruptcy comes off the back of admission rates not being as high as the company was expecting after reopening last Spring. Given that moviegoers appear to be returning to cinemas in good numbers, thanks to the return of franchise blockbusters to the silver screen, the news that a chain as large as Cineworld is in such a dire situation shows that the world of moviegoing is still on the road to recovery. Deadline obtained a report from The Wall Street Journal confirming the Cineworld/Regal bankruptcy, with the London-based company said to have engaged in discussions with law firm Kirkland & Ellis LLP and consultants AlixPartners to discuss how best to proceed.
0 Comments
Leave a Reply. |