Cineworld, the second largest cinema chain in the world, is closing its US and UK venues, according to a report in The Guardian. The decision comes after the somewhat unexpected announcement that the next James Bond film, No Time To Die, is moving its release date to April 2021.
Cineworld acquired the Regal Cinemas chain in 2018, and will shut down its 536 American locations. Cineworld’s UK venues, which includes the upscale Picturehouse theaters, number at 127. Locations in Eastern Europe and Israel remain open, but their one Irish theater had already closed. Prior to the coronavirus pandemic, Cineworld reportedly employed 37,000 people. It lost $1.58 billion in revenue in the first half of 2020.
A group representing Cineworld workers tweeted on Saturday that they learned of the decision from media reports, not from management.
Regal’s E-Walk Theater on the corner of West 42nd Street opened in 1999, and it, along with the refurbished New Victory Theater and New Amsterdam Theater, were representative of the tourist-friendly “New Times Square” of the late 1990s.
Despite the reopening of theaters in Britain and in most markets in the United States, restricted seating, social distancing measures, and a relative trickle of new product has made for slim grosses. The worldwide box office for Tenet crossed $280 million last week, which is significant, but it was not the shot of adrenaline needed to bolster an entire industry, especially with the film’s reported $200 million budget.
“The delay [of No Time To Die] is major blow to theaters, and there’s a chance more [theaters] could be forced to close given the lack of new content on the horizon,” Variety wrote in their report.
Only three significant releases remain on the 2020 calendar: Disney/Pixar’s Soul, scheduled for November 20, and Warner Bros.’ Wonder Woman and Dune slated for late December.
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