LONDON — Shares in the company that owns the Regal, Cineworld and Picturehouse movie theaters fell as much as 58% after it said it will temporarily close the venues because the postponement of the latest James Bond film left it with few blockbusters to attract customers during the pandemic.

Cineworld Group Plc said Monday that 536 Regal cinemas in the U.S. and 127 Cineworld and Picturehouse venues in the U.K. would close on Thursday. Some 45,000 employees are affected.

The company says that with major markets such as New York closed and no guidance on when they will reopen, “studios have been reluctant to release their pipeline of new films.”

Without these releases, the company can’t give customers “the breadth of strong commercial films necessary for them to consider coming back to theaters against the backdrop of COVID-19.’’

Cineworld shares fell as low as 15.64 pounds in London and were down 31% at 27.41 in morning trading.

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

The Capitol siege began with a web of delusion

New York (CNN Business)The Capitol insurrection didn’t come out of thin air: It was a result of rage and a web of delusion that many supporters of President Donald Trump are entangled in. “A web of delusion had real life…

SoftBank proposes three new board members as Alibaba’s Jack Ma resigns

TOKYO (Reuters) – SoftBank Group Corp said on Monday that Alibaba co-founder Jack Ma will resign from its board, in the latest departure by a high-profile ally of CEO Masayoshi Son. The departure of Ma, who retired as Alibaba’s executive…

The North Face is the biggest brand yet to join Facebook ad boycott

(CNN Business)Outdoor apparel brand The North Face has become the best-known company yet to commit to an advertising boycott of Facebook in light of the social media platform’s handling of misinformation and hate speech — a move that could open…

A profession is born, jobs arise, and talent hunt begins

The demand for skilled unmanned aerial vehicle, or UAV, pilots will continue to rise, as more enterprises and organizations are adopting drones in their operations. This has sparked a boom in drone training schools. With tech advancement and policy support…