The bankruptcy filing of Cineworld Group, proprietor of the Regal Cinemas chain, has been accompanied by plans to shut a lot of its U.S. Regal theaters, together with two in Arkansas.
A chapter court docket in Houston has been requested for approval to chop leases at a lot of U.S. places. The most recent submitting listed 20 in 16 states, together with theaters in McCain Mall in North Little Rock and within the Breckenridge Purchasing Heart in Little Rock. These theaters closed quickly in 2020 throughout the top of the pandemic, however reopened.
The chapter choose has acquired proposals to chop 46 places, however up to now has accepted 17. Causes for all of the closures haven’t been given, however an actual property trade publication, CoStar, mentioned they may embody a theater too massive, costly rents or outdated theaters.
The bankruptcy filing famous the COVID pandemic had depressed theater attendance as had the rise in on-line video streaming. The submitting proposes that the Arkansas leases finish Jan. 15.
New homeowners lately introduced plans for a revival of the Breckenridge purchasing heart as an leisure and restaurant hub.
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