Four months after parent company Cineworld filed for Chapter 11 bankruptcy, Regal Cinemas is closing 39 more movie theaters across the United States and seven are in the Golden State. Cineworld said the lease-rejections will save the company $22 million a year as the company attempts to stay afloat following the film industry decimation from the pandemic.
In a new bankruptcy filing, Cineworld said, “The debtors are hopeful that these negotiations will lead to lease concessions and modifications that will obviate the need for rejection and enable additional theater sites to remain open.”
The seven theaters in California that Regal, the second largest cinema chain in the U.S., is shuttering include:
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.