Pandemic Forcing Temporary Closure of 536 US Regal Theaters

COVID-19 is forcing Cineworld to temporarily shut all 536 U.S. Regal theaters Thursday, said the company Monday. It cited the “increasingly challenging theatrical landscape and sustained key market closures.” About 40,000 U.S. employees will be out of jobs, it said. “We did everything in our power to support a safe and sustainable reopening,” said CEO Mooky Greidinger. Major U.S. markets remain closed, “without guidance on reopening timing,” making studios reluctant to release new films, said the company. That means Cineworld can’t offer consumers “the breadth of strong commercial films necessary for them to consider coming back to theaters.” S&P Global downgraded AMC Entertainment Friday (see 2010020033 or 2010020049).