Cineworld is Closing Movie Theaters in U.K. and U.S.

Cineworld is Closing Movie Theaters in U.K. and U.S. after ‘No Time to Die’ Delay

 

Cineworld
Courtesy of Cineworld

Cineworld in London’s Leicester Square

The company is the largest exhibitor in Britain and the second-largest in North America, where it own Regal Cinemas.

Following the delay of more Hollywood tentpoles — including James Bond film No Time to Die — mega-movie theater chain Cineworld is planning to close all of its locations in the U.K. and the U.S. as early as this week.

The British-based company is the largest circuit in the U.K with more than 120 sites, and the second-largest in North America, where it operates roughly 530 locations under the Regal Cinemas banner.

Amid falling revenue over the last few months, Cineworld’s stock was down nearly 15 percent on Sept. 23, and the company warned there was “no certainty” about what impact the pandemic would ultimately have on the business.

“The impact of COVID-19 on our business and the wider leisure industry has been substantial, with the closures of all of our cinemas worldwide for an extended period,” said Cineworld CEO Moshe “Mooky” Greidinger in a recent statement.

No Time to Die, the 25th title in the spy franchise, delayed its November release until April, 2021, amid the ongoing pandemic.