Variety understands from sources that the chain may close all sites in both countries as early as this week. This copy is for your personal, non-commercial use only. Venues in Response to ‘No Time to Die’ Delay, Denis Villeneuve’s ‘Dune’ Delays Release Date, Megan Thee Stallion Delivers Powerful 'Protect Black Women' Statement on 'SNL', The 10 Best ‘Gilmore Girls’ Music Moments, Taylor Lautner Buys Striking Agoura Hills Mansion, Mariah Carey’s Former Engineer Details Secret Alt-Rock Album Recording, Prada’s New Sustainable Fabric Is Made From Recycled Polyester and Can Regulate Body Temperature, Barstool CEO Erika Nardini Named To WWE Board of Directors, 16 Useful Google Home Commands You’ll Wish You Had Known About Sooner. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. “We understand the delay will be disappointing to our fans but we now look forward to sharing ‘No Time To Die’ next year.”. You can’t use special effects to obscure Cineworld’s results: the company’s future is in serious danger and its decline may be a bellwether for the entire industry.
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in December 2019. In a forward-looking statement, the firm said, “If governments were to strengthen restrictions on social gathering, which may therefore oblige us to close our estate again or further push back movie releases, it would have a negative impact on our financial performance and likely require the need to raise additional liquidity.”. Variety understands that staff were informed of Cineworld’s plans on Sunday — ahead of the company’s statement — with HR explaining that the closure of all cinemas is “one option that is strongly being considered,” though a decision hasn’t yet been made. As my colleague Anthony D’Alessandro reported, Cineworld is the first big circuit casualty since cinemas have reopened during the pandemic. Readers can also interact with The Globe on Facebook and Twitter . The landscape could be further changed by a U.S. ruling last month which allows movie studios to own theaters. Once a decision has been made we will update all staff and customers as soon as we can. “If governments were to strengthen restrictions on social gathering..., it would have a negative impact on our financial performance,” the British company said.
© Copyright 2020 The Globe and Mail Inc. All rights reserved. Click here to subscribe. The back story. Have the Top Business Headlines newsletter conveniently delivered to your inbox in the morning or evening. However, in this case it goes beyond belief. Cineworld staff weren’t informed of the company’s decision in advance of Saturday’s news. We have found out vital information about our jobs from the media throughout the pandemic. Welcome to The Globe and Mail’s comment community. An error has occurred, please try again later. Cineworld raised doubts over its ability to survive a second lockdown as it reported a £1.3bn loss for the first half of the year because of the Covid-19 crisis.. 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Cineworld, the world’s second-biggest cinema operator, warned on Thursday it might need to raise more money if theaters shut again from fresh pandemic curbs after it … The Regal cinema owner, which counts United States as its largest market, said it was in talks with lenders to avoid an impending loan default, and flagged survival risks as studios delay major releases and people stay away from theaters. Looking ahead. A model agreed by AMC and Universal could easily be replicated across the industry, eToro analyst Adam Vettese said. The world's second-biggest cinema chain is fighting a … The Zero Canada Project provides resources to help you manage your health, your finances and your family life as Canada reopens. Its $1.6 billion loss compares with a $140 million pretax profit in the first half of 2019. That means: Comments that violate our community guidelines will be removed. Unchecking box will stop auto data updates, Due to technical reasons, we have temporarily removed commenting from our articles. Thank you for your patience. Pixar’s “Soul” on Nov. 20 is now the next big movie slated for theatrical release. Sign up today. FILE - This June 18, 2020 file photo shows the logo of a Cineworld cinema in Northampton, England. — Cineworld Action Group (@cineactiongroup) October 3, 2020, Cineworld’s shock move comes weeks after the company said in its half-year results that there was no certainty around its COVID-19 outlook. The company had planned to open July 10, but pushed its dates back after “Tenet” was delayed the first time around. Net debt at the end of June was $8.2 billion, the company said. “The more likely candidates to enter the theatrical space would be streamers such as Netflix or Amazon, who are looking to attract renowned film makers with the prospect of a theatrical release,” Third Bridge analyst Harry Barnick said. “Two more big name films, West Side Story and Black Widow, have been pushed back to 2021,” AJ Bell analyst Russ Mould said. But in May it said it had secured enough financial support to stay afloat even if cinemas remained closed until the end of 2020. Of its 778 sites, 561 have reopened, including 200 in the U.S. Shares in the cinema giant were 16% down in late London trading. “No Time to Die,” starring Daniel Craig in his final stint as the agent formerly known as 007, will hit theaters on April 2, 2021 — a year later than initially planned. Cineworld pulled out of the deal in June, just days before it was set to be approved by Canadian regulators, as the pandemic was devastating the entire sector. “Our policy regarding the theatrical window remains unchanged as an important part of our business model, and we will continue to only show movies that respect it,” he said in a statement. Cineworld has made a counter-claim against Cineplex. Copyright ©2020 Dow Jones & Company, Inc. All Rights Reserved. Cineworld cinema logo is pictured in Canary Wharf in London, Britain, March 11, 2020. Cineworld I'm a print subscriber, link to my account, Avoid the use of toxic and offensive language. The cinema chain warned in March that the coronavirus pandemic could “cast significant” doubt over its ability to keep trading, fearing that the forced closure of cinemas would hit revenue and lead to it breaching its debt commitments. UPDATED: Cineworld could shutter 543 of its Regal Cinema venues in the U.S. and all cinemas across the U.K. and Ireland this coming week, just a … On Sunday afternoon U.K. time, Cineworld confirmed that it is “considering the temporary closure” of its U.K. and U.S. cinemas, but that a final decision hasn’t yet been reached.
Assuming the company can survive into 2021, the bet for investors ultimately comes down to whether consumer behavior will return to what it once was—no sure thing with talk about the “new normal” post-pandemic. Cineworld's acquisition of Regal Entertainment Group has created the second largest cinema business in the world (by number of screens). Cineworld boss Mooky Greidinger, however, said his company would stick with the traditional script. Cineworld will close its U.K. and U.S. movie theatres this week, leaving as many as 45,000 workers unemployed. Read Next: AFI Awards 2020 Set for Feb. 26, Johnny Flynn Heist Musical ‘The Score’ Wraps Production After COVID-19 Shoot (EXCLUSIVE), TCB Media Rights Founders Set Up Distribution, Co-Production Outfit BossaNova Media (EXCLUSIVE), Regal, Cineworld Confirms Temporary Suspension of U.S., U.K. Operations, Thomas Jefferson Byrd, Actor in Spike Lee Films, Killed in Atlanta, Led Zeppelin Wins 'Stairway to Heaven' Copyright Battle as Supreme Court Refuses to Hear Case, ‘Saturday Night Live’ Starts Season 46 With Alec Baldwin and Jim Carrey Recreating the Presidential Debate, Why ‘Tenet’ Was the Wrong Movie at the Wrong Time (Column), ‘The Witcher’ Season 2 Gets First Look at Henry Cavill’s New Armor, ‘Mean Girls’ Cast Reunites After 16 Years to Encourage Voting, ‘Schitt’s Creek’ Season 6 Arrives Early to Netflix, Cineworld Could Close All Regal Cinemas, U.K. The Cineworld closures will put up to 5,500 jobs at risk in the U.K. Sources indicate a reopening date hasn’t yet been set, but cinemas could stay closed until 2021. It said it was “considering the temporary closure of … We aim to create a safe and valuable space for discussion and debate. What’s new. We can confirm we are considering the temporary closure of our U.K. and US cinemas, but a final decision has not yet been reached. Cineworld, the world’s second-biggest cinema operator, warned on Thursday it might need to raise more money if theaters shut again from fresh pandemic curbs after it swung to a $1.64 billion first-half loss, sending shares down 17%. However, there are rumblings that Disney will move the animated adventure and possibly even put it on Disney Plus, the studio’s subscription streaming service. Please log in to listen to this story. We've detected you are on Internet Explorer. Cineworld in particular reported a loss of $1.6 billion in the first half of 2020. But it isn’t as if the company’s cinema business was on the up-and-up before coronavirus: footfall was in slow decline and revenues were increasingly reliant on concessions. In the U.K., Cineworld opened its doors after a four-month shutdown only on July 31.
Investors can only take the board of directors at its word when it says it believes lending covenant waivers will be obtained, but analysts say that a rights issue is also in the cards. Welcome to The Globe and Mail’s comment community. The two companies have since been embroiled in a costly legal battle, after Cineplex launched a lawsuit seeking damages and Cineworld countersued.
The world’s second-largest cinema chain has warned that stricter measures to combat the coronavirus pandemic would put its future in jeopardy, as it posted a $1. Cineplex In the U.S., Regal Cinemas began opening venues in late August, ahead of the release of the Christopher Nolan thriller.
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