![]() ![]() ![]() ![]() The company estimates that closing 39 theaters will save approximately $22 million annually. In its bankruptcy filing, Cineworld said its monthly rent per theater had increased by 30% from 2019 to 2022. The company has about $4.84 billion in debt, not including lease obligations. The number of new releases this year is expected to be higher, CNBC reported.Ĭineworld took a total loss of about $3 billion in 2020, followed by a pre-tax loss of about $708.3 million in 2021, Variety reported. Though ticket sales showed signs of a rebound last year, fewer movies released in theaters offset some of the recovery. The industry's recovery has relied on the success of smash hits like "Top Gun: Maverick" and "Black Panther: Wakanda Forever" to keep people coming to theaters. The North American box office reached $7.5 billion in 2022, down 34% from more than $11 billion in 20. Movie theaters have struggled to recoup losses that piled up during the early waves of the COVID-19 pandemic, when streaming platforms emerged as viable alternatives for audiences and distributors. ![]() In September, Cineworld announced it was filing for Chapter 11 bankruptcy, which makes it easier to back out of leases or negotiate new terms with landlords. With more than 500 theaters, Regal is the nation's second-biggest movie theater chain behind AMC, which has just under 600 theaters. The Hamilton Commons Stadium 14 theater in Mays Landing, New Jersey also is on the list of locations to be closed. Here are some Philly bars hosting watch parties for the Eagles playoff run.'Bel-Air' Season 2 trailer reveals return of 'Fresh Prince' cast member, dives into Banks family drama.Jerry Blavat - legendary DJ, hitmaker, champion of Philly Sound and Jersey shore mainstay – dies at 82.15, Cineworld revealed in bankruptcy court earlier this week. The Barn Plaza Stadium 14 in Doylestown, Bucks County, and the Oaks Stadium 24 in Oaks, Montgomery County, will lose their leases Feb. Cineworld, the struggling parent company of Regal Cinemas, soon will close 39 movie theaters nationwide, including two in the Philadelphia suburbs, as it moves through the bankruptcy process. ![]()
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