It looks like the reopening of theaters has already hit a snag. As Hollywood keeps postponing the release dates for major films, Regal has decided they can not make it profitable to stay open at this time. It seems the delay of James Bond: No Time To Die until 2021 was the final straw. Check out the latest on this below and share your thoughts AFTER THE JUMP.
Source: The Wall Street Journal
The second-largest cinema chain in America is likely to close indefinitely all its U.S. locations, after reopening in August, according to a person familiar with the plans, escalating the pandemic-driven crisis faced by the entertainment industry.
Cineworld Group CNWGY 12.82% PLC’s Regal Entertainment Group’s potential decision to suspend operations at its more than 500 locations follows a cascade of postponements for big-budget Hollywood films, most recently the coming James Bond title “No Time to Die.” The studio behind the film, MGM Holdings Inc., on Friday said it was delaying the film for the second time, to next April, from this November. It had originally been scheduled for release in April of this year.
Cineworld is the second-largest movie theater operator on a global basis as well as in the U.S.
The plan to close the locations isn’t definite, the person familiar with the situation said, and a final decision isn’t likely until Monday or Tuesday.