39 Regal theaters are shutting down due to bankruptcy. They include locations in New York City, Los Angeles, Berkeley, Boston, Miami and more
Cineworld will reject the leases beginning Feb. 15. Amid a massive decline in the domestic box office during the COVID-19 pandemic, the monthly rent per theater increased by nearly 30% from 2019 to 2022, according to the latest bankruptcy filing.
“In total, the Debtors estimate that rejecting the Leases will save their estates approximately $22 million annually,” the document states. Any personal property of little value remaining at the locations will be abandoned. Cineworld operates 747 locations with 9,139 screens in 10 countries, with roughly 500 of those theaters in the U.S. Theatrical moviegoing has taken a huge hit during the pandemic, with the 2022 domestic box office tapping out at $7.5 billion, an approximate 30% decrease from the $11.4 billion in 2019 pre-COVID. The company took a loss of $3 billion in 2020, as many theaters remained shuttered, and a $708.3 million loss before tax in 2021. The net debt, excluding lease liabilities, was $4.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Taylor Swift and SZA Officially Shut Down Feud Rumors: 'So Much Love and Respect'“Been listening to SZA’s album nonstop, absolutely adore her music,” Swift wrote on Instagram. “So much love and respect for her!!”
Consulte Mais informação »
More than 20 vehicles involved in I-70 pileup near Strasburg; interstate shut downA winter storm that dumped several inches of snow in Denver Wednesday is wreaking havoc on I-70 near Strasburg as multiple crashes involving more than 20 vehicles have led to a pileup and a closure from Denver to Kansas
Consulte Mais informação »
Bitzlato, a little-known crypto exchange, was just shut down by the DOJThe Justice Department just shut down little-known crypto exchange Bitzlato and arrested its Russian founder in what authorities claim is a huge blow to crypto crime
Consulte Mais informação »
Google Stadia is how you shut down a service rightWe’ll never forget Stadia, but we’ve already forgiven it.
Consulte Mais informação »
Chagrin Cinemas says goodbye this weekend with three classic movies at throwback pricesFor $5, moviegoers can choose between “Jurassic Park,” “Grease” and “Back to the Future” Friday through Sunday. Proceeds from those sales will benefit the Special Wish Foundation of Cleveland.
Consulte Mais informação »