October 5, 2020 By: Ben Abrams
Regal, the second largest movie chain in the U.S., announced in a company statement that it will shutter its doors temporarily for all 536 locations and its subsidiary, Cineworld Group, also plans on closing over 100 theaters.
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.
"The prolonged closures have had a detrimental impact on the release slate for the rest of the year, and, in turn, our ability to supply our customers with the lineup of blockbusters they've come to expect from us," Greidinger said. "As such, it is simply impossible to continue operations in our primary markets."