Cineworld Says It's Considering Temporary Closure Of Regal Cinemas In US, UK
LOS ANGELES (CBSLA) — The delayed release of the 25th James Bond film, "No Time to Die," has led a major theater chain to consider a temporary closure.
Cineworld, which owns Regal Cinemas, says it is considering a temporary closure of its U.S. and UK locations.
"We can confirm we are considering the temporary closure of our U.K. and U.S. cinemas, but a final decision has not yet been reached," Cineworld said in a tweet. "Once a decision has been made we will update all staff and customers as soon as we can."
Cineworld reported a loss of $1.6 billion in the first half of 2020.
A lack of blockbuster films is making it difficult to bring audiences back into theaters.
"Content isn't going anywhere," said Economist Christopher Thornberg. "But this particular delivery system may be entering into what you call a final phase. They may start fading out from here on out because they're just not able to do what people want in this modern era."
Many A-list Hollywood filmmakers are trying to keep films open, warning Congress in a letter last week that theaters could face extinction.
No timelines have been given as to how long Regal Cinemas, the second-largest theater chain in the U.S. behind AMC, could remain closed if it moves forward with that plan.
Currently, movie theaters in Los Angeles County still remained closed under local health orders to help prevent the spread of coronavirus.
"No Time to Die" is set to be released next year.
