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Cineworld closes 12 royal cinemas after filing for bankruptcy

Less than a month after filing for Chapter 11 bankruptcy protection, parent company Regal Cinemas Cineworld closed dozens of US theaters as part of a plan to cut costs and restructure. Most movie theaters are said to be older buildings that needed work to be brought up to date with the current standards of the rapidly developing movie business, and at least one—located in Calabasas, California—may be purchased by a royal discount. AMC Theatres. All 12 closings were part of a batch of 20 leases that Cineworld has asked to cancel during bankruptcy proceedings.

for every Limit, who first reported the move, closings include Anaheim Hills 14, Calabasas Stadium 6, West Park 8 at the Los Angeles Market; Crewe Canyon Stadium 6 in the San Francisco area, Broadway Fair in Fresno, California; Richland Crossing Stadium in Philly, Parkway Plaza 12 in Seattle-Tacoma Market, Greenville Grande Stadium in North Carolina, Middleburg Town Square 16 in Cleveland-Akron, Sherwood Stadium 10 in Portland, OR, Colonnade Stadium 14 in Las Vegas, and Amarillo Star 14 Stadium in Texas.

There was news of a bankruptcy file back in August with The Wall Street Journal They also say that in the UK (where Cineworld is based), they are considering filing for insolvency. This is the latest in a string of serious cases for Cineworld, which avoided bankruptcy in 2020 because in the midst of the pandemic, creditors were more understanding of the theater chain’s woes.

AMC theaters ended up getting an injection of cash from the internet, which turned the failed series into a “meme stock” like Gamestop. Cineworld CEO Mooky Greidinger told the Wall Street Journal that not every company has had the good fortune to get out of trouble due to Reddit’s abusive whims.

“I think what happened to them is a very good thing for AMC. You know, we are trading in the UK market. Not every stock in the US market is a meme stock. And I think AMC has done really well with it,” Gredinger said, adding: “I don’t think any industry would want to see one of the big players in the industry collapse. This is not positive news for anyone.”

No word yet on whether the remaining eight theaters will remain open. It will likely depend on whether they can renegotiate the favorable terms with the landlords.

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