The Capital Region’s Largest Movie Chain To File For Bankruptcy
I know it’s not everyone’s favorite, but I love a big crowd in my theater at the movies. Seeing a huge blockbuster on the big screen is already amazing, but when the audience is into it? That’s the real magic of going to see a movie at the theater.
But when was the last time you were in a screening with a huge crowd? I can’t speak for you, but my last few trips to the Regal at Colonie Center have been pretty muted. Now the future of Albany’s biggest theaters is in jeopardy with a looming bankruptcy to be filed in the next few days.
Now Showing: Big Financial Trouble
The Wall Street Journal reports that the parent company for Regal Cinemas, Cineworld, will file for bankruptcy in the United States. Regal owns two main Albany theaters in Colonie Center and Crossgates Mall, plus additional Capital Region locations in East Greenbush and Clifton Park.
Cineworld is a British company and is the second-largest theater chain in the world, behind AMC. The company barely avoided bankruptcy in 2020, before Cineworld’s creditors issued a lifeline while the pandemic closed locations.
What Does This Mean For Capital Region Theaters?
The chain is currently $4.8 billion in debt. While attendance has been up with the return of high-grossing movies like Top Gun: Maverick and Spider-Man: No Way Home, Cineworld says there still aren’t enough movies scheduled this year to keep them in the black. Supply chain issues have also throttled concessions.
We likely won’t know how or if New York theaters will be affected until the papers are delivered to court. Of course, bankruptcy isn’t a death sentence; it allows restructuring. Hopefully Regal will pull through and we get to keep all our Capital Region theaters for many more blockbuster seasons to come.