With the announcement that the new James Bond movie has been pushed back to April of 2021, Regal Cinema has announced they will be temporarily shutting down all locations.

Close to 45,000 people will be out of a job due to these closures just in the US alone.

Virtually no new movies to show at its theaters and the fact that COVID has not shown any signs of drastically slowing down. They made this decision and it greatly affected their parent companies stock.

It turns out, one of the main factors to the shutdown was New York

"Despite our work, positive feedback from our customers and the fact that there has been no evidence to date linking any COVID cases with cinemas, we have not been given a route to reopen in New York, although other indoor activities – like indoor dining, bowling and casinos were already allowed,"

CEO Mooky Greidinger said in a press release.

According to business insider, here has been no announcement as to when they will re open theaters. It will be interesting to see if other movie chains follow their example.

The closures are set to happen this Thursday October 8.


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