Over 45,000 employees are going to be out of work.
Cineworld Group, owner of Regal and Cineworld Cinemas, announced the closure citing the pandemic, continued delays of blockbuster movie releases such as the latest James Bond Film being delayed until next Spring, and plummeting stock prices.
There are over 500 Regal Cinemas in the United States, including one in Santa Cruz, all slated to suspend operations for the foreseeable future.
Meanwhile, The National Association of Theatre Owners said in a statement that over two-thirds of small and medium-sized movie theater companies could end up filing for bankruptcy or closing permanently because of the pandemic.
