Regal Cinemas, the second largest cinema business in the world, is reportedly closing 39 movie theaters across the United States, according to CNN, and Union Square’s Regal Theater is among those being shuttered.
The theaters will begin closing February 15 in a decision that comes only four months after Regal’s parent company Cineworld filed for Chapter 11 bankruptcy.
Due to the pandemic, Regal was experiencing catastrophic losses, and the closure of the 39 theaters will save the company $22 million annually.
“The pandemic was an incredibly difficult time for our business, with the enforced closure of cinemas and huge disruption to film schedules that has led us to this point. This latest process is part of our ongoing efforts to strengthen our financial position…this will allow us to continue to execute our strategy to reimagine the most immersive cinema experiences for our guests,” said Mooky Greidinger, CEO of Cineworld, in a press release.
The company had previously shuttered 12 locations back in September of 2022, and just around 500 locations currently remain, which Cineworld is planning on keeping open.
The Union Square location had recently undergone a multi-million-dollar renovation back in early 2020, according to Union Square Partnership. It originally opened in November 1998, and screened films across 17 screens.
The full list of theaters set to close can be found here.
Needless to say, we’re among those NYers who are surprised by the news.