Regal Cinemas is closing down over three dozen movie theaters across the country, including one right here in North Carolina.
The decision to close 39 of its movie theaters, affecting moviegoers in 20 U.S. states and Washington, D.C., comes after Regal Cinema's parent company Cineworld filed for bankruptcy, per Variety. Despite a big few years for popular movies and franchises — like Spider-Man: No Way Home, Top Gun: Maverick and Avatar: The Way of Water — the domestic box office declined significantly throughout the pandemic while rent per theater soared about 30% from 2019 to 2022, according to a bankruptcy filing.
Cineworld will start rejecting theater leases on February 15 in the hopes to save millions of dollars each year. According to the document, "In total, the Debtors estimate that rejecting the leases will save their estates approximately $22 million annually."
Of the 39 movie theaters shuttering their doors, one may be familiar with moviegoers in North Carolina: Beaver Creek Stadium 12, located in Apex. As of Friday, it is unclear when the theater's last day of operation will be.
Regal Cinemas is the second-largest movie theater chain in America, and Cineworld operates nearly 750 locations in 10 countries, 500 of which are in the U.S. Cineworld saw a loss of $3 billion in 2020 and a $708.3 million loss in 2021 before taxes.