Regal Cinemas parent company plans to file for bankruptcy protection, per report
The parent company of Regal Cinemas is preparing to file for bankruptcy amid consumers' slow return to movie theaters, according to a report from the Wall Street Journal.
With its U.S. headquarters in Knoxville, Regal is one of East Tennessee's most prominent national brands.
The company said in a statement Friday that all Cineworld and Regal theaters are open for business as usual.
Regal closed its theaters across the country and furloughed 40,000 employees for months when the COVID-19 pandemic hit.
Like for all movie theater chains, attendance was slow to bounce back once theaters reopened, and the seemingly endless array of streaming options remain stiff competition.
https://www.knoxnews.com/story/money/2022/08/19/regal-cinemas-parent-company-cineworld-file-bankruptcy/7841613001/
I know we haven't been to a movie theater in over a year. We used to go every couple of months.
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Even with the warning of the pandemic… it’s about the lack of interesting product. Marvel spin-offs and old franchise reboots are not getting people back in the seats.
