Regal Montrose Movies is one of the 39 theaters that parent company Cineworld plans to close after filing for bankruptcy in September.
AKRON, Ohio --
The company, which operates the second-largest chain of cinemas in the U.S., plans to begin rejecting leases to those locations starting on February 15, according to a. Cineworld expects the move to save it $22 million annually. “The debtors are hopeful that these negotiations will lead to lease concessions and modifications that will obviate the need for rejection and enable additional theater sites to remain open,” the company said in the filing.
It’s not known when exactly the theater, which opened in Copley Twp. in 1988, will close. For now, the theater remains open with titles such as “Missing,” “M3GAN,” “A Man Called Otto,” “Puss in Boots: The Last Wish,” “Avatar: The Way of Water” and others playing on its 12 screens. But when it does, it will be the second Regal location to close in the wake of the bankruptcy filing. Regal Middleburg Town Square in Middleburg Heights shut down in September.
The theatrical movie industry took a big hit at the onset of the pandemic and has been slow to recover as moviegoers’ viewing habits and Hollywood’s release strategies have changed. Last year, box office receipts were down 35% from their pre-COVID 19 levels. During that same period, the average rent per theater increased 30%,
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