The bankruptcy filing of Cineworld Group, owner of the Regal Cinemas chain, has been accompanied by plans to close a number of its U.S. Regal theaters, including two in Arkansas.
A bankruptcy court in Houston has been asked for approval to cut leases at a number of U.S. locations. The latest filing listed 20 in 16 states, including theaters in McCain Mall in North Little Rock and in the Breckenridge Shopping Center in Little Rock. These theaters closed temporarily in 2020 during the height of the pandemic, but reopened.
The bankruptcy judge has received proposals to cut 46 locations, but so far has approved 17. Reasons for all the closures have not been given, but a real estate industry publication, CoStar, said they could include a theater too large, expensive rents or outdated theaters.
The bankruptcy filing noted the COVID pandemic had depressed theater attendance as had the rise in online video streaming. The filing proposes that the Arkansas leases end Jan. 15.
New owners recently announced plans for a revival of the Breckenridge shopping center as an entertainment and restaurant hub.