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Second Largest Movie Chain Is Likely Closing All the Doors
by Mish Shedlock, The Street:
The Wall Street Journal reports Regal Cinemas Likely Suspending Operations at All U.S. Locations
The second-largest cinema chain in America is likely to close indefinitely all its U.S. locations, after reopening in August, according to a person familiar with the plans, escalating the pandemic-driven crisis faced by the entertainment industry.
Cineworld Group PLC’s Regal Entertainment Group’s potential decision to suspend operations at its more than 500 locations follows a cascade of postponements for big-budget Hollywood films, most recently the coming James Bond title “No Time to Die.” The studio behind the film, MGM Holdings Inc., on Friday said it was delaying the film for the second time, to next April, from this November. It had originally been scheduled for release in April of this year.
Bankruptcies Coming
“If the status quo continues, 69% of small and midsize movie theater companies will be forced to file for bankruptcy or to close permanently,” the National Association of Theatre Owners said in a written statement.
Restaurants, bowling alleys, and churches are open, but California and New York will not let cinemas open.
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Churches, where everyone is singing or saying prayers out loud rate to be worse than cinemas where talking is prohibited.
