In a filing earlier this week relating to their ongoing Chapter 11 bankruptcy proceedings, Cineworld asked the United States Bankruptcy Court for permission to abandon 39 of its leases for Regal theatre locations in the United States. This is the fifth time Cineworld has gone to the court to seek relief from theatre leases in which the company was unable to negotiate various lease restructuring, modifications and even the deferral of rent.
To date Cineworld has received permission to walk away from 28 of its leases, essentially shuttering those theatres. They are now waiting for the court’s ruling on an additional 62 leases. If granted it would bring the total number of Regal cinema locations closed due to Cineworld’s bankruptcy to at least 90. When the world’s second largest exhibitor filed for bankruptcy on 7 September 2022, it operated 505 Regal locations.
Among the list of potential Regal closures is the Union Square Stadium 14 in New York City, the Sherman Oaks Galleria 16 in Los Angeles and the South Beach Stadium 18 and Imax in Miami, where ShowEast has traditionally held screenings and events each autumn.