As Cineworld continues its bankruptcy proceedings, its subsidiary Regal Cinemas will close 39 theater locations starting next month, The Wrap has reported. The iconic Sherman Oaks Galleria location that the cinema chain had acquired from the defunct Arclight Cinemas, in June 2021, is among the locations set to close down.
Per the report, Regal Cinemas will begin rejecting leases for the closing locations on February 15. In the bankruptcy filings, post-pandemic costs like rising rent fueled by deferred payments from the pandemic are listed as as the main reason for the closures. It further claimed that the average monthly rent per theater increased by 30% from 2019 to 2022.
Read more: https://collider.com/regal-cinemas-closing-locations/
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