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Cineworld Closes All US & UK Theatres - 45,000 Jobs Gone

ORIGINAL POST
Posted by Ed 4 yrs ago

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Cineworld Group Plc lost more than half its value after it said will temporarily suspend operations at all its American and British movie theaters now that crucial income from winter blockbusters has been pushed into 2021 by the coronavirus pandemic.

The world’s second-biggest cinema chain will close its 536 U.S. and 127 British locations from Thursday, affecting about 45,000 employees, the company said in a statement Monday.

Operations will resume when “key markets have more concrete guidance on their reopening status and, in turn, studios are able to bring their pipeline of major releases back to the big screen.”

The shares fell 58% at 8:06 a.m. in London. They’re down more than 92% so far this year.

The move comes after Metro-Goldwyn-Mayer on Friday delayed the release of the new James Bond movie for the second time, pulling the plug on one of the few big films left on the 2020 release calendar. 
 

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COMMENTS
Ed 4 yrs ago
Cinema Chains Near Collapse: The Problem Beyond the Pandemic
 
The cinema business – like brick-and-mortar malls – has been in structural decline long before the Pandemic.
 
The number of movie tickets sold had peaked in 2002 in the US, and has since been declining, beset by competition from technologies that deliver movies to the home, at first DVDs, then Blue ray disks, and with the spread of broadband, online services, such as Netflix, Amazon, Disney, and others.
 
People are watching more movies than ever. But they’re doing it at home: Before the Pandemic, the number of tickets sold had dropped by 22% from the peak in 2002 through 2019: 
 
 
 
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Ed 4 yrs ago
https://media.npr.org/assets/img/2011/08/08/dayaftertomorrow-hollywood-sign_wide-95a439f1c5e213aa459f8455e3631ed5af0339fb.jpg 
AMC Entertainment May File For Bankruptcy For Real As Reopening Stalls
 
AMC Entertainment Holdings, also known as AMC Theaters, the largest movie theater chain in the world, is rapidly running out of cash and is considering "a range of options that include a potential bankruptcy to ease its debt load as the pandemic keeps moviegoers from attending and studios from supplying films" Bloomberg reports. 
 
“I really don’t know how they don’t go bankrupt,” said one Wall Street analyst. “They should be out of cash by the end of January. And most companies don’t file when they are minus ten million in cash. The attorneys have to be paid.” 
 
 
 

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Ed 4 yrs ago
https://hongkong.asiaxpat.com/Utility/GetImage.ashx?ImageID=7bf4d1ec-45a7-4678-bea5-570228a92423&refreshStamp=0 
AMC Entertainment May File For Bankruptcy For Real As Reopening Stalls
 
AMC Entertainment Holdings, also known as AMC Theaters, the largest movie theater chain in the world, is rapidly running out of cash and is considering "a range of options that include a potential bankruptcy to ease its debt load as the pandemic keeps moviegoers from attending and studios from supplying films" Bloomberg reports. 
 
AMC’s attendance since the resumption of business in the U.S. is down about 85% from the same period a year ago, the company said. 
 
“I really don’t know how they don’t go bankrupt,” said one Wall Street analyst. “They should be out of cash by the end of January. And most companies don’t file when they are minus ten million in cash. The attorneys have to be paid.” 
 
 
 

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bananaq 4 yrs ago
nobody is watching movies anymore. also most of the movies from hollywood are junk

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