Report: 2 Regal Cinemas in NJ Among 39 Closing Across the Country
A published report says two Regal Cinemas locations in New Jersey are among 39 across the country that will be shutting down over the next few months.
Business Insider reports the news comes after parent company Cineworld filed for Chapter 11 bankruptcy in September.
Cineworld's troubles began as debts mounted after the company rapidly expanded to over 9,000 screens in 10 countries. COVID-19 further exacerbated things when theaters shut down and major film releases were delayed.
The company's debt was reported to be over $5 billion this past summer, not counting lease liabilities, according to screendaily.com.
Cineworld told the court on Tuesday that its plan to reject the leases for some 39 locations would help it save $22 million a year and that it is still working with landlords to preserve other theaters.
New Jersey theaters closing
- Hamilton Commons Stadium 14 in Mays Landing
- Pohatcong Stadium 12 in Phillipsburg
Regionally, Regal Cinemas locations in Doylestown, PA, and New York City also appear to be on the chopping block. The full list can be seen here.
Cineworld has already closed 23 theaters over the past several months.
It was not known exactly when the Regal Cinemas locations in New Jersey would be closing.