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Niles Regal included in chain closures

Lack of new movies forces shutdown of 663 theaters

Trumbull County will be without a first-run indoor movie theater following the temporary closure of all Regal cinemas in the U.S.

Then again, the reason Cineworld Group Plc is closing 536 Regal cinemas in the U.S. and 127 Cineworld and Picturehouse venues in the U.K. is the lack of quality first-run movies to screen.

Regal operates Boulevard Centre, a 14-screen complex in Niles, and Cinema South, a 10-screen multiplex in Boardman. Two first-run Mahoning County theaters — Cinemark’s Tinseltown in Boardman and Golden Star’s Austintown Cinemas — are unaffected, but Boulevard Centre is the only first-run theater in Trumbull.

The closures affect 45,000 employees in the U.S. and U.K.

The company has high debts and is, like the wider industry, struggling with the effects of the pandemic. 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.”

“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.

The announcement said the theaters are closing Thursday, but no movies or show times for Boulevard Centre and Cinema South were listed for Monday on Regal’s website or the advance ticketing website Fandango.

Since Ohio indoor theaters began reopening with limited capacity in August, the chains have filled screens with a mix of vintage titles (a 40th anniversary re-release of “Star Wars Episode V: The Empire Strikes Back,” the 1993 Halloween comedy “Hocus Pocus”) and smaller, independent features that the chains, at least locally, usually avoided.

The one major release since reopening was Warner Bros. “Tenet,” directed by Christopher Nolan (“Inception,” “The Dark Knight”). Since opening more than a month ago, it has earned about $45 million in the U.S. and Canada. A decade ago “Inception” earned $62 million domestically in its opening weekend and more than $290 million total.

Those disappointing numbers have caused many studios to delay the release of their most promising films or release them through alternative means, such as Disney’s “Mulan,” which was made available as a premium purchase to subscribers of its Disney+ streaming service.

Cineworld Group’s decision follows last week’s announcement that the release of the next James Bond film, “No Time to Die,” is being moved from Nov. 20 to April 2, 2021.

Cineworld shares fell as low as 15.64 pounds in London and were down 31 percent at 27.41 in morning trading.

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. Cineworld had also been highly leveraged, having largely funded its acquisition of Regal Entertainment in 2018 through debt.

“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. “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 reopen.”

ticketing website Fandango.

Since Ohio indoor theaters began reopening with limited capacity in August, the chains have filled screens with a mix of vintage titles (a 40th anniversary re-release of “Star Wars Episode V: The Empire Strikes Back,” the 1993 Halloween comedy “Hocus Pocus”) and smaller, independent features that the chains, at least locally, usually avoided.

The one major release since reopening was Warner Bros. “Tenet,” directed by Christopher Nolan (“Inception,” “The Dark Knight”). Since opening more than a month ago, it has earned about $45 million in the U.S. and Canada. A decade ago “Inception” earned $62 million domestically in its opening weekend and more than $290 million total.

Those disappointing numbers have caused many studios to delay the release of their most promising films or release them through alternative means, such as Disney’s “Mulan,” which was made available as a premium purchase to subscribers of its Disney+ streaming service.

Cineworld Group’s decision follows last week’s announcement that the release of the next James Bond film, “No Time to Die,” is being moved from Nov. 20 to April 2, 2021.

Cineworld shares fell as low as 15.64 pounds in London and were down 31 percent at 27.41 in morning trading.

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. Cineworld had also been highly leveraged, having largely funded its acquisition of Regal Entertainment in 2018 through debt.

“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. “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 reopen.”

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