Cineworld’s decision comes days after the release of the newest James Bond movie “No Time to Die” will be delayed (again) until April 2021. The Bond movie was originally slated for release in April 2020, before the pandemic hit the United States.
More than 40,000 Regal employees across the U.S. now face a work furlough. The closure will also affect another 5,000 Cineworld employees in the U.K.. Another weighing factor for the closure is the theater chain's inability to operate in major U.S. markets like New York City and California due to pandemic restrictions.
Cineworld CEO Mooky Greidinger claims there are not enough blockbuster movies being released to attract attendees during the pandemic. Postponed titles include likely theater blockbusters such as the superhero movies Wonder Woman 1984 and Black Widow, A Quiet Place Part II, and Candyman, just to name a few. Many major studios have opted for digital pay-per-view or on demand releases while moviegoers continue to stick close to home to slow the spread of coronavirus.
While Regal states the closures as temporary, the company statement did not issue a date for when operations might resume, saying it will "Regal will continue to monitor the situation closely and will communicate any future plans to resume operations at the appropriate time."
Cineworld has a recorded loss of $1.64 billion for the first half of 2020 due to the coronavirus pandemic. All 535 U.S. theaters will “temporarily” close Thursday, Oct. 8, 2020. All pre-paid tickets will be refunded.