With Films and Audiences Scarce, Regal Cinemas Shuts its Doors


From wondering I'm David Brown in this business wars daily on this Friday October night some sad news this week about the film industry. One of the biggest movie theater chains in America is Shutting Down Indefinitely Regal Cinemas is rolling up the red carpet at it's five hundred plus theaters in America last Sunday Regal's parent company sent a world announced it would suspend operations beginning yesterday cinna world has also closing more than one hundred, twenty, five theaters in the UK it's the largest. Movie Theater Operator there in the second largest in the world after rival AMC entertainment holdings according to the Wall Street. Journal the suspension could last two months or a little longer according to send a world's CEO speaking with New York Times the suspension. The second one for the company since the pandemic started affects forty thousand US employees and fifty five hundred in Britain and Ireland. Industry Trade. Paper variety call last weekend decision to suspend operations sudden and shocking officials made the choice after. MGM On Friday postponed the release of its next James Bond movie no time to die. MGM had planned to release the double o seven Caper in November. Now it's planned tentatively, we assume for next April even pre pandemic theaters depended on blockbuster films to fill seats since March studios have been postponing releases and in many cases moving them to streamers instead. But postponement of the twenty seventh bond film was a crippling blow to theaters counting on the release to make some money. This year according to variety the decision was so abrupt that Cinta world didn't even tell employees about the suspensions rather the company left thousands to learn about their fates in newspaper headlines and tweets workers who belong to the Cinema World Action, group and employee collective tweeted that the company gave them. No warning workers have been left out of discussions that should have included our voices they stated adding that to find out you may no longer have a job from the media is awful. Sin A world lost more than one and a half billion dollars in the first half of the year. The New York Times reports AMC theaters is also struggling AMC stock dropped ten percent Monday morning after cinema world's news analysts say it will have trouble staying afloat in six months unless film attendance jumps or the company raises more capital according to CNBC. With. The movie industry in Dire Straits, there's a whole lot of finger pointing as you might imagine, the CEO of Cinema World told The Wall Street Journal. Movie. Studios. Just aren't supplying films theaters need to keep operating he compared to a grocery shop without anything on the shelves but studio executives say they're postponing big releases because they can't turn a profit as because American viewers are still avoiding the theaters that have been open. All eyes have been on the Christopher Nolan action. Adventure movie tenant to jump start the more of an industry as we reported right Here, in August in normal times, pulled a couple of billion dollars billion with a B. Nolan is the most people director in Hollywood but tenants September release was lackluster to date. The movie has earned only forty five million dollars in ticket sales across the US NEW YORK. Times reports it's performed better overseas global receipts currently total three, hundred, million dollars, but the movie cost two, hundred million to make and millions more to promote for studio executives. Those numbers just don't add up and to reason enough for them to postpone the potential blockbusters like no time to die. So what will save the movie business it depends on whom you ask cinema world's chief is waging a PR war against New, York Governor Andrew Cuomo for not reopening theaters new. York. In Los Angeles are the two most important American markets for theater chains that they both remained closed as contributing to the weakness of the film business but with Covid nineteen cases climbing again in places like Brooklyn and Queens Governor Cuomo is standing firm. At the

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