The second largest cinema chain in the US is quickly closing its doorways nationwide. Cineworld, mother or father firm of Regal, introduced that will probably be suspending operations of its 536 Regal theaters as of Thursday, October 8. The suspension additionally impacts 127 Cineworld and Picturehouse cinemas in the UK.
Cineworld had solely simply reopened theaters in August. The closures will impression roughly 40,000 staff throughout the US, the firm introduced. It additionally impacts 5,500 staff in the UK, The Guardian stories.
Today’s announcement follows information over the weekend that the launch of the twenty fifth James Bond movie, No Time to Die, has once more been pushed again to April 2021 resulting from the ongoing pandemic. Theaters have been counting on the newest 007 installment to drive sagging ticket gross sales.
“We are like a grocery shop that doesn’t have vegetables, fruit, meat,” Cineworld CEO Mooky Greidinger tells The Wall Street Journal. “We cannot operate for a long time without a product.”
Cineworld reported a lack of $1.6 billion in the first half of 2020. The largest US theater chain, AMC, has additionally been hit onerous by the pandemic.
The Cineworld closure is indefinite. Reopening will rely upon the launch schedule set by the studios, in line with Regal.
“Regal will continue to monitor the situation closely and will communicate any future plans to resume operations at the appropriate time, when key markets have more concrete guidance on their reopening status and, in turn, studios are able to bring their pipeline of major releases back to the big screen,” the firm says in a press release.