August 12, 2021
Cineworld Group, corporate parent of Regal Cinemas and owner of more than 9,000 theatrical screens worldwide, Aug. 12 disclosed an operating loss of $209 million through the first six months of the fiscal year. That compared with a first-half loss of $1.34 billion in 2020, during the height of the pandemic.
The chain anticipates a strong fourth quarter supported by a robust film slate and pent-up demand for affordable out-of-home entertainment, subject to the COVID-19 situation, according to CEO Mooky Greidinger.
“Despite the challenges, the actions we have taken have ensured that Cineworld has emerged a more focused business with significant liquidity and a clear vision for the future,” Greidinger said in a statement. “Cineworld is in the position it is today thanks to the great dedication and commitment of the Cineworld team around the world, and I sincerely thank each and every member of the team for their loyalty and contribution.”
With few new studio releases during the pandemic, Regal effectively ceased operations for much of 2020 and into 2021, with Cineworld cutting more than 45,000 jobs worldwide.
“We are like a kind of a grocery shop that [has] no food to sell,” Greidinger said last October.