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The fallout from Regal Cinemas’ bankruptcy proceedings continues.
Parent company Cineworld has filed court papers revealing the imminent closure of 39 Regal locations across the United States — including the once-bustling Union Square Stadium 14 in New York City and the upscale Sherman Oaks Galleria cinema in Los Angeles.
The latest cost-cutting measure is expected to save the company $22 million in costs. The majority, if not all, are considered underperforming locations in the wake of the COVID-19 crisis. Regal, which filed for Chapter 11 bankruptcy in September 2022, shuttered at least a dozen theaters last fall.
Regal has long operated the Union Square multiplex in Manhattan, but only took over the operation of the Sherman Oaks Galleria multiplex in mid-2021 after Pacific Theatres, home of the ArcLight chain, went out of business.
Before the Chapter 11 filing, there were roughly 500 Regal cinemas in the U.S. There’s always a chance that another cinema chain could take over some of the now-shuttered multiplexes.
Insider first reported the new round of Regal closures.
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