Regal Cinemas positioning to possibly file for bankruptcy, report
Theaters have struggled for years amid COVID closures, streaming services.
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Regal Cinemas, one of the most well known purveyors of movie theater facilities throughout the world, is positioning itself to possibly file for bankruptcy, a move that comes after more than two years of sustained disruptions and difficulties related to the COVID pandemic and heavy competition with streaming services.
Regal parent company Cineworld Group “is preparing to file for bankruptcy within weeks after struggling to rebuild movie-theater attendance from pandemic lows,” the Wall Street Journal reported on Friday evening, citing “people familiar with the matter.”
The company, which is based in London, has reportedly arranged for representation with Kirkland & Ellis, a Chicago-based law firm known for its restructuring services. Cineworld has also retained consultation services from AlixPartners out of New York.
A company spokesman told the Journal that Cineworld is “proactively evaluating strategic options to ensure we have the balance sheet strength and flexibility to adapt to market conditions.”
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