Around 500 Regal Cinemas remain after these closures, as well as 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.
Cineworld is working with landlords to keep its other theaters open. Around 500 remain, after these closures and a previous round in September 2022 that shuttered 12 locations. "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.
When Cineworld announced its decision to file for bankruptcy last year, the company said it wanted to shed debt. 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."
Regal Cinemas is the United States' second-largest theater chain after AMC Theaters, which has 950 locations according to its-Metro Point in Costa Mesa, California-Escondido Stadium 16 and Imax in Escondido, California-Yorba Linda and Imax in Yorba Linda, California-Shadowood 16 in Boca Raton, Florida-Bolingbrook Stadium 12 in Bolingbrook, Illinois-Fenway Stadium 13 and RPX in Boston, Massachusetts-Brunswick 10 in Brunswick, Maine-Concord 10 in Concord, New Hampshire-Pohatcong Stadium 12 in...
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