Regal Cinemas Announces The Possible Closure Of A Maine Location
The movie theater industry has been struggling for the last few decades. Since the early 2000s, people have had access to high definition TVs (these days, we just call them TVs), affordable surround sound systems, and movies on Blu Ray discs. And, since the early 2010s, people have been able to stream movies in their home in high quality 4K.
Then, in 2020, the pandemic rolled into the United States. Concerns over the spread of the virus forced the closure of theaters for many months. Once they reopened, there were many pandemic restrictions like limited seating and the requirement of masks. On top of that, most of the good (highly anticipated) new releases were available on the streaming services the same day that they hit theaters. These movies were either available on services like HBO Max or they were available "on-demand" for a slight fee.
Because of all of this, the last few years have been really rough for theaters.
People just aren't going to the theaters the same way they used to. I admit that I am part of the problem. I saw the latest Star Wars movie on January 1st of 2020. The next time I set foot in a movie theater was January 15th, 2023. Yes, even though I am a movie lover, I went THREE YEARS between visits to the theater.
Things are slowly turning around. We are seeing more MASSIVE movies released in theaters before they hit streaming services and some theater chains are beginning to offer membership deals intended to save frequent theater-goers big bucks.
But, because theaters are still having a rough time, it should not be a big surprise that Regal Cinemas has announced the possible closure of a bunch of theaters nationwide.
According to CNN, Regal Cinemas is currently going through Chapter 11 bankruptcy. As they continue to deal with their financial issues, Cineworld, which owns Regal Cinemas, has made the decision to reject the lease renewals of over three dozen theaters. In addition to locations in California, Colorado, and a dozen other states, the chain has announced the possible closure of several New England locations.
One of these locations in the Brunswick 10 on Gurnet Road in Brunswick, Maine.
Also on the closure list is a location in Concord, New Hampshire and a location in Boston.
The hope is that, by rejecting the lease renewals, some landlords will negotiate the lease terms, allowing the locations to remain open.
Let's cross our fingers and hope for the best!