Regal Cinemas Going Dark!

Regal Cinemas close all their theaters.

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Regal Cinemas are going to close all their movie theaters effective immediately. COVID-19 has seriously messed up the entertainment industry.

NPR reports that the 536 locations in the United States will close on Thursday. The closure reflects "an increasingly challenging theatrical landscape" due to the COVID-19 pandemic and is temporarily closing locations. I am going with permanent in locations that have declining revenue.

The latest James Bond movie premiere No Time to Die is getting pushed back. It's likely going to be a Summer release in 2021. The movie theater reopened back in August but saw traffic rapidly decline and it led to a decision to save money.

Regal is the second largest movie theater chain after AMC Theatres. It's a subsidiary of Cineworld Group, which is based in the United Kingdom. The company is closing over 100 theaters in the UK.

"This is not a decision we made lightly, and we did everything in our power to support a safe and sustainable reopening in the U.S.," said Mooky Greidinger, CEO of Cineworld, noting the chain's safety precautions for staff and moviegoers.

In a statement, Greidinger emphasized that "there has been no evidence to date linking any COVID cases with cinemas." He also aired frustration that Regal can't yet operate in New York state, a key U.S. market, although some indoor venues such as bowling alleys and casinos have been allowed to resume business.

Movie studios have delayed dozens of big releases over the past six months as cinemas sat empty or showed films only to limited audiences.

The postponed titles include likely blockbusters such the superhero movies Wonder Woman 1984 and Black Widow along with A Quiet Place Part II and Candyman. In addition, Disney shifted several high-profile releases to online-only, including Mulan.

"The prolonged closures have had a detrimental impact on the release slate for the rest of the year, and, in turn, our ability to supply our customers with the lineup of blockbusters they've come to expect from us," Greidinger said. "As such, it is simply impossible to continue operations in our primary markets."

While the company calls the closures temporary, it did not name a date for a possible resumption of business, saying it will "continue to monitor the situation closely."

Now 40,000 Regal employees will face a work furlough. More than 5,000 in the UK will be affected as well. With those 40,000 Americans out of work, Congress is slow-walking extending the CARES Act. Democrats in the House of Representatives have passed an extension of the bill. The Republican-controlled Senate refuses to pass a bill. They demand strict cuts to benefits and rolling back the payroll tax.

Movie studios pushed back releases due to COVID-19.

Rivals AMC and Cinemark are not planning on closing movie theaters for now.

AMC CEO Adam Aron said in a statement to the Associated Press that the company's agreement with Universal Pictures to shorten the theatrical window, "puts AMC in a position where we can open our theatres when others may feel the need to close."