Name: Regal Owner Cineworld Considers Closing All Theaters in US and UK
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Regal Owner Cineworld Considers Closing All Theaters in US and UK

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Move follows MGM’s decision to push James Bond film ”No Time to Die“ from November to 2021Update: On Monday, Cineworld announced the “temporary suspension” of operations at all of its U.S., U.K. and Irish movie theaters beginning on Thursday, Oct. 8. The move is expected to affect roughly 45,000 employees.Regal Cinemas owner Cineworld on Saturday confirmed it is “considering” closing all of the chain’s locations in the U.S. as well as its theaters in the U.K. in the wake of MGM and Universal’s decision to delay the release of “No Time to Die” until next year.Join WrapPRO for Exclusive Content, Full Video Access, Premium Events, and More!The closures, set to take effect as soon as next week, come just a few months after the company its locations amid the coronavirus pandemic earlier this summer. Cineworld operates 128 venues in the U.K. and Ireland in addition to Regal’s 546 theaters in the U.S. consisting of 7,211 screens.Regal is the second-largest theatrical chain in the U.S., after AMC, while Cineworld is the U.K.’s biggest cinema operator. Cineworld reported a loss of $1. 6 billion in the first half of 2020 in recent days, with “no certainty” as to what impact the pandemic could have in the future.According to the , which first reported news of the Cineworld U.K. closures, the move puts up to 5,500 jobs at risk in that country alone.Also Read:The decision to close its locations comes a day after MGM and Universal announced that the latest James Bond film, “No Time to Die” would be , with a statement from the filmmakers citing a need for the film “to be seen by a worldwide theatrical audience.”“No Time to Die” was initially set to hit theaters last April, but due to the coronavirus pandemic, it was moved to Nov. 20, then Nov. 25, and now to next April.Following Disney’s move to change release dates for many of its films — most notably “Black Widow,” which was set for release on Nov. 6 but was moved to summer 2021 — the loss of “No Time to Die” leaves theaters with a dearth of major releases for the remaining months of 2020.Also Read:Last month, Cineworld a $1.6 billion loss in the first half of 2020, with group revenues sinking to $712.4 million from $2.15 billion in the first six months of 2019. The company said at the time it had been able to reopen 561 of its 778 locations worldwide.“If governments were to strengthen restrictions on social gathering, which may therefore oblige us to close our estate again or further push back movie releases, it would have a negative impact on our financial performance and likely require the need to raise additional liquidity,” the company said.Release slates for 2021 and beyond are taking shape as studios look to write off summer 2020As the coronavirus continues to spread, an increasing number of movies are delaying or suspending production. As the number of impacted movies grows, TheWrap felt it would be most informative to keep a running list.YOU'VE REACHED YOUR MONTHLY ARTICLE LIMIT.WANT TO KEEP READING?SIGN UP FOR OUR FREE DAILY NEWSLETTER, FIRST TAKETHANK YOUFOR SIGNING UP!Loyal readership ofWant to keep reading?Continue Here* You have also unlocked a free 7-day Trial Membership to WrapPROWANT TO GO DEEPER?FOR YOUR

Move follows MGM’s decision to push James Bond film ”No Time to Die“ from November to 2021Update: On Monday, Cineworld announced the “temporary suspension” of operations at all of its U.S., U.K. and Irish movie theaters beginning on Thursday, Oct. 8. The move is expected to affect roughly 45,000 employees.Regal Cinemas owner Cineworld on Saturday confirmed it is “considering” closing all of the chain’s locations in the U.S. as well as its theaters in the U.K. in the wake of MGM and Universal’s decision to delay the release of “No Time to Die” until next year.Join WrapPRO for Exclusive...

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Regal Owner Cineworld Considers Closing All Theaters in US and UK

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