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Economy
Cineworld brings down curtain on U.S., UK theatres; 45,000 jobs hit
2020-10-05
(Reuters) - Cineworld will close all of its UK and U.S. movie theatres this week, leaving as many as 45,000 workers unemployed for the foreseeable future as it strives to survive a coronavirus collapse in film-making and cinema-going.

The world’s second-biggest cinema chain said the reluctance of studios to push ahead with major releases such as the new James Bond film had left it no choice but to close all 536 Regal theatres in the U.S. and its 127 Cineworld and Picturehouse theatres in the UK from Oct. 8.

Confirming weekend reports on the closures by Reuters and UK media, the company’s statement on Monday spelt out the scale of the job losses, which take in thousands of ancillary staff including cleaners and security as well as its own employees. It gave no indication of when cinemas might reopen.

Shares in the company, which have plummeted more than 80% this year, dropped another 60% to an all-time low within ten minutes of the opening bell on Monday as it said it was looking at all ways of raising additional funds.

Posted by:Besoeker

#7  Having not been inside movie theater since the 'Lord of the Rings' films came out, I'd have to say: Movie theaters? They still have those?
Posted by: ed in texas   2020-10-05 13:06  

#6  In High School many of my peers' first job was in a movie theater.

That said, last movie I went to had one person doing what used to be around 3 peoples' job - smart phone ticket so no ticket booth, smart phone concession stand so it was basically grab and go, smart phone ticket and seating so no ticket master. Just one gal making sure everyone navigated their way around, and handled the very occasional cash transaction.

Not the same as dealing with customers; that experience which inspires youngsters to do well in school so they aren't behind a cash register dealing with the shit, mad, stupid public their whole life.

Yet, the cost went from 'hey lets catch a flick' to 'how do I budget this evening?'

So with so many people who have been out of work, the safety dance, streaming competition, and IMHO a rather bleak outlook for big title blockbusters, probably time to get out.
Posted by: swksvolFF   2020-10-05 12:51  

#5  My sympathies to the movie/movie theater industry. Besides, I've seen all of the Lowell Thomas newsreels.

Posted by: Clem   2020-10-05 09:39  

#4  Couldn't buy a new automobile or truck from February 1942 to October 1945. Somehow the country survived.
Posted by: Besoeker   2020-10-05 09:37  

#3  Aside from Bond flicks, I'm not exactly sprinting out to theatres to watch flicks laden with lefty messaging. With pro sports taking it in the keister this year, movie studio exec's aren't seeing an opportunity here - too bad for them and Hollywood.
Posted by: Raj   2020-10-05 09:34  

#2  Aw, shucks. Where am I going to buy a $10 tub of popcorn now?
Posted by: Clem   2020-10-05 07:31  

#1  Time again for passion pits drive in theaters? Outside city Karen and authoritarian rules? Oh, right you need a car. Urban centralists hit hardest.
Posted by: Procopius2k   2020-10-05 07:18  

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