REGAL CINEMA PARENT COMPANY FILES FOR CHAPTER 11 BANKRUPTCY

Cineworld Group, the second largest movie theater chain, filed a chapter 11 in the United States Bankruptcy Court for the Southern District of Texas. Regal Cinemas is owned by Cineworld Group. A number of factors have contributed to the need to file bankruptcy. The Covid19 Pandemic had a significant impact on movie goers. Many theaters closed initially during the pandemic and eventually reopened to half full theaters. New movies being debuted on streaming options also has had a major impact. Typically when a Chapter 11 is filed by a large company such as Cineworld Group, the goal is to reorganize. That often involves closing less profitable locations and rejecting those leases. There are Regal Cinema theaters in South Jersey. There is a Regal Cinema movie theater at the Moorestown Mall in Moorestown, New Jersey. There is also the Regal Burlington in Burlington City, NJ, the Regal UA Washington Township in Sewell NJ and Regal Cross Keys in Turnersville NJ. Across the river in Philadelphia PA there are Regal theaters on Grant Avenue in Philadelphia as well as on Main Street in Manyunk. It is unclear at this time which theaters may wind up closing, but undoubtedly some in our area will close. https://www.bravermanlaw.com/business-bankruptcy/