BELLINGHAM, Wash. – It’s official.
The company that owns Bellingham’s Regal Cinemas has declared bankruptcy.
Cineworld has filed for Chapter 11 protection in the U.S. to help it recover from billions of dollars of debt.
The British-based company operates in ten countries and has been battered by pandemic shutdowns and lower-than-expected attendance.
“It likely means that there will be some theaters that will close, the ones that aren’t doing as well as others,” said movie industry analyst Jason Squire. “There will also be a renegotiation because movie theaters generally pay rent.”
But Cineworld has said its theaters will remain open and it hopes to emerge from Chapter 11 next year.
