Shares in the company that owns the Regal, Cineworld and Picturehouse movie theaters fell 36 percent after it said it will temporarily close the venues because delays to … Thanks for contacting us. “Today the company confirmed they will be assessing their liquidity options, and it plans to update the market on the resumption of business in due course,” he said. Terms of Use Privacy Notice Shares of AMC Entertainment fell 11% in morning trading. Shares in the company that owns the Regal, Cineworld and Picturehouse movie theaters fell 36 percent after it said it will temporarily close the venues because delays to the latest James Bond film left it with few blockbusters to attract customers during the pandemic. The industry had been rocked by the pandemic — first being closed for months and then operating at a fraction of previous capacity, said David Madden, analyst at CMC Markets. Do Not Sell My Personal Information, Your California Privacy Rights © 2020 NYP Holdings, Inc. All Rights Reserved, 'Dune' gets delayed, will now hit theaters in 2021, Regal owner Cineworld to close all US, UK and Irish screens, Movie theaters reduce hours as Hollywood blockbusters delayed, Regal owner Cineworld suffers massive first-half hit due to COVID-19, struggling with the effects of the pandemic, NFL coach's rumored girlfriend posts topless photo in Instagram return, Pat Kiernan blows his line in McEnany COVID-19 report, Pink puppies caught red-handed after getting into makeup, Most hated man in gossip, Perez Hilton, now wants to apologize. Cineworld shares fell 14.27 pounds in London, to 25.20. Post was not sent - check your email addresses! ET First Published: Oct. 5, 2020 at 6:20 a.m. Sorry, your blog cannot share posts by email. This story has been shared 423,044 times. : Get the latest Cineworld Group stock price and detailed information including news, historical charts and realtime prices. Angry LeBron James walks off court during NBA Finals in unbelievable scene, Claudia Conway announces she has coronavirus on TikTok, Giants star fights Rams player as family drama boils over, Trump supporters close 5th Ave. to support COVID-19-stricken president, Here are the NYC zip codes targeted for new COVID-19 lockdown. Cineworld Group said Monday that 536 Regal cinemas in the US and 127 Cineworld and Picturehouse venues in the UK would close on Thursday. Would you like to receive desktop browser notifications about breaking news and other major stories? This story has been shared 423,044 times. “This is not a decision we made lightly, and we did everything in our power to support safe and sustainable reopenings in all of our markets — including meeting, and often exceeding, local health and safety guidelines in our theaters and working constructively with regulators and industry bodies to restore public confidence in our industry,″ said Mooky Greidinger, CEO of Cineworld. ET 88,354, This story has been shared 56,615 times. The company has high debts and is, like the wider industry, struggling with the effects of the pandemic. Some 45,000 employees are affected. 56,615, © 2020 NYP Holdings, Inc. All Rights Reserved View real-time stock prices and stock quotes for a full financial overview. 423,044, This story has been shared 91,966 times. We've received your submission. Your California Privacy Rights Do Not Sell My Personal Information. “It seems that Cineworld is hunkering down and they are holding onto their current liquidity position, with the view to probably having a reduced service when they re-open.”.
CINE | Complete Cineworld Group PLC stock news by MarketWatch. Cineworld had also been highly leveraged, having largely funded its acquisition of Regal Entertainment in 2018 through debt.
Your Ad Choices It said that with major markets such as New York closed and no guidance on when they will reopen, “studios have been reluctant to release their pipeline of new films.”, Without these releases, the company can’t give customers “the breadth of strong commercial films necessary for them to consider coming back to theaters against the backdrop of COVID-19.’’. Sitemap Rival Cineworld, which owns Regal Cinema, said it would close its U.K. and U.S. theaters after … Movie theater chains took a beating on Wall Street on Monday, after Regal Cinemas parent company Cineworld announced the “temporary suspension” of operations at … 91,966, This story has been shared 88,354 times. Regal owner Cineworld to shut all theater screens, putting 45,000 jobs at risk Last Updated: Oct. 5, 2020 at 2:24 p.m.
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