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Cineworld to close all US & UK movie theaters this week, putting 45,000 jobs at risk

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FILE PHOTO: The closed Eagle movie theater in Chadron, Nebraska, the US © Reuters / Shannon Stapleton
Movie theaters will be back with a vengeance when the coronavirus crisis is over, media analyst tells Boom Bust

“We are like a grocery shop that doesn’t have vegetables, fruit, meat,” Cineworld CEO Mooky Greidinger said as cited by the Wall Street Journal. “We cannot operate for a long time without a product.”

Apart from the new Bond film, which was expected to attract filmgoers and give a boost to the troubled industry, other releases have been rescheduled for next year, such as Marvel Studios’ ‘Black Widow’ and Paramount Pictures’ ‘Top Gun: Maverick.’ Christopher Nolan’s sci-fi action thriller ‘Tenet’, which opened at the end of August, was one of the few big releases after the lockdowns ended, while it’s still unclear if Warner Brothers’ ‘Dune’ remake will make it to the big screen this year.

Cineworld stock crashed nearly 50 percent, hitting record lows at the start of trading in London on Monday.

For more stories on economy & finance visit RT’s business section


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