So much trouble that the chain is reportedly headed for bankruptcy. According to the owners of Regal Cinemas,the company has began exploring its bankruptcy options in both the United States and United Kingdom. As of Friday, shares of the movie company had fallen by nearly 80%.
Cineworld its UK owner has suffered since the onset of the pandemic. The company has not only suffered attendance wise but hasn’t bounced back in most other departments either.
It suffered a $2.7 billion loss in 2020, and $566 million loss in 2021. CNN was first to report news of the company’s pending bankruptcy applications.