Due to the number of postponements for big-budget Hollywood films; Cineworld Group parent company of Regal Cinemas has decided to suspend operations of its more than 500 locations. The second-largest cinema chain came to this decision with the news that “No Time to Die” will be pushed back and entire year to April 2, 2021. In an interview Cineworld CEO Mookey Greidinger stated;
“We are like a grocery shop that doesn’t have vegetables, fruit, and meat. We cannot operate for a long time without a product.”
Things are looking very grim for the theatrical industry to the point that on September 30th a cinema owners trade group joined leading filmmakers in sending a letter to lawmakers in the hopes of receiving relief for the failing sector.
“If the status quo continues, 69% of small and midsize movie theater companies will be forced to file for bankruptcy or close permanently.” - National Association of Theatre Owners.
In addition to boarding up 500 Regal theaters in the U.S., Cineworld has opted to suspend its 127 locations in the U.K. with the closures affecting the employment status of thousands of workers.