The company is the largest exhibitor in Britain and the second-largest in North America.
Following the delay of more Hollywood tentpoles — including James Bond film No Time to Die — mega-movie theater chain Cineworld is planning to keep all of its locations in the U.K. and the U.S. closed for the time being, The Sunday Times reported on Saturday.
The British-based company is the largest circuit in the U.K with more than 120 sites, and the second-largest in North America, where it operates roughly 540 locations under the Regal Cinemas banner. A substantial number of these theaters hadn't yet reopened after forced to go dark because of the coronavirus pandemic.
Across Hollywood, the surprise Saturday-night headline prompted immediate concern that AMC Theatres and Cinemark Theates, the other two largest U.S. chains, could soon follow suit. The movie business had hoped the box office could recover in earnest this fall, but such isn't the case in many major markets.
Cineworld and Regal didn't immediately reply to a request for comment. The fate of its locations wasn't immediately clear, although some analysts said on background they could remain closed until next year.
No Time to Die partners MGM, Eon Productions and Universal announced Thursday that the movie is being pushed back from Nov. 20 to late April 2021 because of the ongoing pandemic.
Disney and Pixar's Soul is likewise expected to scrub its Thanksgiving 2020 release, leaving exhibitors without major fall tenpoles following the delay of No Time to Die, Wonder Woman 1894 and Black Widow. Without fresh titles on the marquee, it will be tough to win over already-wary consumers.
Amid falling revenue over the last few months, Cineworld's stock was down nearly 15 percent on Sept. 23, and the company warned there was "no certainty" about what impact the pandemic would ultimately have on the business. Rival circuits are likewise in financial jeopary.
"The impact of COVID-19 on our business and the wider leisure industry has been substantial, with the closures of all of our cinemas worldwide for an extended period," said Cineworld CEO Moshe "Mooky" Greidinger in a recent statement.
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October 04, 2020 at 07:29AM
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Mega-Chain Cineworld Closing Regal Movie Theaters Following 'No Time to Die' Delay - Hollywood Reporter
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