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Added on the 05/10/2020 07:55:27 - Copyright : Wochit
The Wall Street Journal reports that Regal Entertainment Group is likely to close all of its US locations. According to Business Insider the company was ravaged as the coronavirus pandemic continues to wreak havoc on movie releases. Chris Nolan's "Tenet" fueled the reopening of hundreds of theaters around the US. However, studios postponed the release of several blockbusters, like the latest James Bond film "No Time To Die" Regal began reopening theaters in August. It may shutter its more than 500 locations around the country amid low turnout. Regal's plan aren't set in stone. Sources familiar with the matter said a final decision could arrive Monday or Tuesday.
Gizmodo reports ailing theater chain AMC might be totally broke by the end of 2020. In financial filings, the company disclosed on Tuesday that it may require 'additional sources of liquidity or increases in attendance levels' to survive. In other words, it'll need more cash or more butts on seats--or both. The company cites low attendance and a delayed movie release schedule during the coronavirus pandemic. If those don’t change, AMC may pursue additional debt and equity financing, renegotiations with landlords, asset sales, or joint ventures. They're not alone. Competitor Regal Cinemas has also disclosed it will need fresh funds by early 2021 if the winter results in 'prolonged' shutdowns.
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