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Friday, January 27, 2023

Fewer and fewer theaters: why New York, California and Florida are left without 39 theaters

The Covid-19 pandemic has given rise to many economic problems in the world. One of the sectors most affected by the restrictions imposed by the authorities was the film industry, Even after two years, there are companies that have not recovered and have found it necessary to close their branches. This is the case of Regal Cinemas recently 39 theaters announced to be closed across the United States,

Parent Company cineworld Told that it would be from next February 15 when they would start rejecting the rental contracts of all these theatres. This will save US$ 22 million per year and will Hopefully with this decision, other sites will not have complications and can remain open, According to information published in business Insider, The measure is a “fairly routine” scheme, which makes it easier for companies to abandon their contracts without being subject to significant penalties and even acts as pressure on owners to obtain better conditions.

In September 2022, the second largest movie theater chain in the United States announced that it had filed for bankruptcy protection. according to information from CNN, cineworld They hoped that this would allow them to pay off a million dollar debt, which included several accumulated leases., “The pandemic was an incredibly difficult time for our business, with theaters being forced to close, a major disruption to movie schedules that has brought us to this point,” said CEO Mookie Greidinger.

In September 2022, Cineworld announced that it had filed for Chapter 11 to file for bankruptcy protection.unsplash

At the time, he assured that this was a measure to strengthen the financial position of the company and thus be able to create more resistant and effective capital. It should be noted that during the year 2020The most critical moment for the increase in cases of COVID-19 in the United States and other countries, The company lost US$2,700, compared to US$566 in 2021,

there are only two cinemas Regal Cinema The ones that will be closed in the United States are located in Florida. One of them is in Miami and the other one is in Boca Raton., Most other establishments are located Californiawith seven, while in New York Six will be closed. Others are located in Alaska, Illinois, Maryland, New Jersey, Ohio, Washington, among other states. Prior to this announcement, about a dozen other sites had already been shut down.

As mentioned above, the pandemic has caused huge damage to this industry. Although they managed to recover from it last year, the levels not recorded before 2020 new York Times, Published in September 2022, it highlighted that a severe lack of great movies would put movie theater chains in jeopardy.

There Needs To Be A Change In The Way Movies Are Telecast, Say Analysts
There needs to be a change in the way movies are telecast, say analystsunsplash

Premieres through streaming sites such as Netflix and Amazon are a concern for the region, Beyond that, there is no clear path to follow. The New York media said, “There are 40,700 screens in the United States and Canada, and even some theater executives believe there should be no more than 35,000.”


World Nation News Desk
World Nation News Deskhttps://worldnationnews.com/
World Nation News is a digital news portal website. Which provides important and latest breaking news updates to our audience in an effective and efficient ways, like world’s top stories, entertainment, sports, technology and much more news.
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