New Yorkers have been dreading the thought of Union Square’s Regal Cinemas shutting their doors after announcing a bankruptcy-induced closure earlier this year, but it looks like we can save our tears as, in a welcomed turn of events, the theater will remain open after all!
Last week the Union Square cinema announced it would remain open after reaching a long-term lease agreement with its landlord.
“We are thrilled to continue our long-term relationship with Regal in the heart of Union Square,” said Chad Jones, Senior Vice President, Related Companies. “The best-in-class cinema experience will continue to bring the magic of the movies to thousands of Manhattan residents as well as visitors from around the world.”
Standing as the second largest cinema business in the world, Regal Cinemas announced earlier this year that they’d be closing 39 movie theaters across the United States, according to CNN, with Union Square’s Regal Theater finding a place among those being shuttered.
The press release stated that the theaters would begin closing February 15 in a decision that came 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 would 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.
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.
Needless to say we’re excited about the opportunity to continue grabbing a soda, popcorn, and enjoying a movie at the theater.