opted to shutter all 16 of its ArcLight Cinemas and Pacific Theatres locations. Last year, Pacific Theatres Exhibition Corp. Other bankruptcy filingsĬineword isn’t the only theater chain to seek bankruptcy protection.
Calabasas Stadium 6 has been open since 1997 under a lease agreement between Century Investments Inc., CRM Properties Inc. Westpark 8 has operated since 1994 under a lease between Irvine Retail Properties Co. The Anaheim Hills 14-screen theater has been in operation since 1998 under a lease agreement between OTR and Edwards Theatres Circuit Inc. Greidinger said Cineworld’s bankruptcy is part of the company’s “ongoing efforts to strengthen our financial position and is in pursuit of a de-leveraging that will create a more resilient capital structure and effective business.”Ī financial restructuring, he said, “is in the best interests of the group and its stakeholders, taken as a whole, in the long term.” They operate under several banners, including Regal, Cineworld, Cinema City, Yes Planet and Picturehouse.ĪMC Theatres is the largest chain with more than 1,000 theaters worldwide and more than 11,000 screens, according to Zippia. 31, it had 751 theaters worldwide, with 9,189 screens.
2 in the worldĬineworld acquired Regal Entertainment Group (now Regal Cinemas) in 2018 for $3.6 billion, making it the second largest theater chain in the world, with more than 500 theaters across the U.S alone.Ĭineworld’s website shows that, as of Dec.
The bankruptcy will give the business a chance to renegotiate with its landlords in the U.S. It expects to emerge from Chapter 11 during the first quarter of 2023, but it warned that shareholder investments will take a hit. Cineworld says it has secured $1.94 billion in new financing from existing lenders, which will ensure its operations continue during the reorganization.
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