Regal Cinemas, the second-biggest movie theater chain in the US, will close 39 locations after its parent company Cineworld filed for bankruptcy in September, legal filings obtained by Variety show.
Cineworld will reject the leases starting February 15th. Amid a massive drop in domestic box office during the COVID-19 pandemic, monthly rent per cinema rose nearly 30% from 2019 to 2022, according to the latest bankruptcy filing.
“Overall, debtors estimate that repudiation of the leases will save their estate approximately $22 million annually,” the document reads. Personal property of little value remaining at the sites will be abandoned.
Cineworld operates 747 locations with 9,139 screens in 10 countries, with about 500 of those theaters in the US suffering a major slump during the pandemic, with the domestic box office bringing in $7.5 billion in 2022, down about 30% this equates to $11.4 billion in 2019 before COVID. The company posted a loss of $3 billion in 2020 as many theaters remained closed and a pre-tax loss of $708.3 million in 2021. Net debt excluding lease liabilities was $4.84 billion .
Here the 39 locations will be closed, as Business Insider was the first to report on the news.
- Tikahtnu Stadium 16 Imax and RPX (Anchorage, AK)
- Subway Point (Costa Mesa, CA)
- Berkeley 7 (Berkeley, CA)
- Parkway Plaza Stadium 18 and Imax (El Cajon, CA)
- Escondido Stadium 16 and Imax (Escondido, CA)
- Hemet 12 Movie Theater (Hemet, CA)
- 16 Sherman Oaks Galleria (Los Angeles, CA)
- Yorda Linda and Imax (Yorba Linda, CA)
- 12 Wiesenstadion (Littleton, CO)
- 14 SouthGlenn Stadium (Centennial, CO)
- Shadowood 16 (Boba Raton, FL)
- South Beach Stadium 18 and Imax (Miami, FL)
- Keauhou Stadium 7 (Kailua-Kona, HI)
- 12 Bolingbrook Stadium (Bolingbrook, IL)
- Round Lake Beach Stadium 18 (Round Lake Beach, IL)
- Fenway Stadium 13 and RPX (Boston, MA)
- Bowie Stadium 14 (Bowie, MD)
- Rockville Center Stadium 13 (Rockville, Maryland)
- Brunswick 10 (Brunswick, ME)
- Beaver Creek Stadium 12 (Apex, NC)
- Omaha Stadium 16 (Omaha, Nebraska)
- Concord 10 (Concord, NH)
- 14 Hamilton Commons Stadium (Landing, NJ)
- Pohatcong Stadium 12 (Phillipsburg, NJ)
- Santa Fe Stadium 14 (Santa Fe, NM)
- Village Square Stadium 18 (Las Vegas, NV)
- 16 Elmwood Center (Buffalo, NY)
- Ithaca Mall Stadium 14 (Ithaca, NY)
- Downtown Cortlandt (Mohegan Lake, NY)
- 14 Union Square Stadium (New York, NY)
- Greece Ridge Stadium 12 (Rochester, NY)
- Transit Center Stadium 18 and Imax (Williamsville, NY)
- Montrose Movies Stadium 12 (Akron, OH)
- Barn Plaza Stadium 14 (Doylestown, PA)
- Oaks Stadium 24 (Oaks, PA)
- 13 Greenbrier Stadium (Chesapeake, VA)
- Stonefield Stadium 14 and Imax (Charlottesville, VA)
- Meridian 16 (Seattle, WA)
- 14 Gallery Place Stadium (Washington, DC)