Cineworld has high debts and is, like the wider
industry, struggling with the effects of the
pandemic. The absence of the biggest North
American markets and a consistent, solid release
schedule from Hollywood studios have been
devastating to their business.
“We never argued the fact that we needed to be
closed until we saw that similar activities to us
started to open,” Greidinger said, citing indoor
dining. “We cannot be in a situation where we
lose more cash when we are open than we lose
when we are closed.”
Last week groups representing theater owners,
movie studios and directors issued a plea
to U.S. lawmakers to provide relief to ailing
movie theaters. The letter, signed by the likes
of Steven Spielberg, Christopher Nolan, Patty
Jenkins, Clint Eastwood and Martin Scorsese,
said that if the status quo continues, nearly
70% of small to mid-size movie theaters could
be forced to close permanently.
Efforts to slow the spread of the virus resulted in
closure of most cinemas for nearly six months.
Many started tentatively reopening in late
August, anticipating the release of money-
making blockbusters, like Nolan’s “Tenet,” the
Bond pic “No Time to Die” and Marvel’s “Black
Widow.” Exhibitors also poured resources into
enhanced safety and sanitization protocols,
including limited capacity theaters, social
distanced seating, cashless transactions and
staggered showtimes.
But ticket sales for Warner Bros.’ “Tenet,” the first
major film out of the gates, were not as strong
in the U.S. as hoped, likely a combination of
audience reluctance to return to theaters and