U.S’s second-largest cinema chain will close 536 theatres nationwide after August opening, according to The Wall Street Journal. Regal’s decision driven by ongoing theatrical calendar delays and continued New York and other key market closures due to pandemic.
- Regal to continue monitoring the situation and communicate any future plans of resuming operations
- Planned closures to affect about 40,000 employees in the U.S.
- Regal has not been given route to reopen despite positive customer feedback and lack of evidence linking cinemas to COVID-19 cases.
- Prolonged closures adversely impacted the release slate for the year and company’s ability to supply customers with the lineup of blockbusters.
Regal’s parent company Cineworld Group Plc. stock slumps to planned closures. CINE is down 34.71%, FTSE 100 is up 0.73%