Closing cinemas may not be the end of the Pawcatuck cinema

By | September 28, 2022

Stonington ― The Regal Cinemas car parking zone in Pawcatuck is empty the week after it closes.

An indication on the theater door reads: “Thanks! It was a pleasure to serve you on this theater. Regal Stonington is now closed. We invite you to go to Regal Waterford or one among our different places.

The cinema, owned by Cineworld, which is the second largest movie show chain on this planet in response to its web site, stopped promoting tickets on September 18 and closed on the finish of final week.

Lisa Konicki, president of the Ocean Group Chamber of Commerce, confirmed the closure and mentioned, “I do know for positive somebody has supplied Regal to take over and run with it.” She mentioned she was not free to supply particular particulars at the moment.

She continued: “Thankfully for us on this area, we have now two superb options. We have now Olde Mistick Village which has the comfiest seats on this planet, and an ideal little cinema with simple parking, and we have now the United Theater (in downtown Westerly) which simply went stay there one 12 months previous, which is an superior area, with a tremendous sound system – model new – and so they present an exquisite expertise to see the flicks.”

Cineworld purchased Regal Cinemas in 2018 for $3.6 billion and, in response to media studies, is sort of $5 billion in debt.

Cineworld, which owns 750 theaters worldwide, filed for Chapter 11 chapter within the Southern District of Texas on September 7. The deposit will enable it to retain monetary management of its belongings, proceed to function its enterprise and cancel contracts akin to leases.

In an announcement launched by Cineworld, Mooky Greidinger, Chief Government, mentioned, partially, “The pandemic has been an extremely difficult time for our enterprise, with the compelled closure of cinemas and an enormous disruption to film instances that has led us That a lot. . This newest course of is a part of our ongoing efforts to strengthen our monetary place.

Greidinger went on to say, “the excellent success of current blockbusters akin to Spider-Man: No Means House; No time to die; Prime Gun: Maverick; Dunes; Minions: The Rise of Gru; Thor: Love and Thunder and others clearly show that folks love going to the flicks and as soon as the product provide returns, our enterprise will reap the rewards.

Based on the New York Occasions, theaters had been already struggling earlier than the Covid-19 pandemic. Compelled theater closures and a rise in the usage of streaming companies through the 2020 world pandemic have mixed to create an atmosphere during which as much as 8% of former common moviegoers is not going to return. By mid-2021, ticket gross sales at cinemas had been down almost 50% from pre-pandemic ranges.

The theater is owned by READCO Stonington II, LLC in response to metropolis information.

Michael Lech, chief govt of READCO, declined to touch upon the shutdown, and Regal Cinemas didn’t reply to requests for remark.