Regal Cinemas, one of the most well-known purveyors of movie theater facilities throughout the world, is positioning itself to possibly fire for bankruptcy, a move that comes after more than two years of sustained disruptions and difficulties related to both 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.”
Yes, We Need Your Help
I hate being “that guy” who asks people to donate because I think our conservative news network is so crucial, but here I am…
When I left my cushy corporate job in 2017, I did so knowing that my family would have to make sacrifices. But I couldn’t continue to watch the nation slip into oblivion and was inspired by President Trump’s willingness to fight the good fight even at his own personal expense. What I didn’t realize then is that conservative media would be so heavily attacked, canceled, and defunded that the sacrifices would be extreme.
Many in this nation are struggling right now even though we weren’t struggling just a few years ago. I’m not alone. But I wake up every morning and operate the sites we’ve been able to build because there’s really no other choice. I refuse to be beholden to Big Tech like so many other conservative news outlets, which is why you won’t see Google ads here. With that said, it’s often challenging to pay the bills and it’s even harder to expand so we can get the America First message out to a wider audience.
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