![]() But they also said they’re hopeful for a strong close of the year. ![]() Its executives said earlier in August that the next two months will be challenged by a dip in new releases. Cinemark Holdings fell a little less than 4% to $15.65 in afternoon trading, for example. Shares of other theater chains also stumbled Monday, but nowhere near as much as Cineworld. That followed a 58.3% plunge on Friday after The Wall Street Journal reported the company was preparing to file for bankruptcy protection within weeks. The company’s stock in London tumbled 21.4% to a little more than the equivalent of 3.8 U.S. The company warned again Monday that any transaction to ease the debt on its balance sheet would likely hurt its stock investors. It also said it expects “ultimately to continue its business over the longer term with no significant impact upon its employees.” It has about 28,000 workers, according to the company’s website.Įven if employees could make it through intact, shareholders may not. That would mean an additional crunch to its finances.Ĭineworld said it’s holding talks with lenders and other major stakeholders as it reviews its financial options. And with a “limited film slate,” it expects the lower levels to continue until November. And there don’t seem to be any big hits on the immediate horizon to make those numbers much better.Ĭineworld said its admissions levels have recently been below expectations. ![]() To be sure, moviegoers have streamed back into theaters this year to see blockbusters like “Spider-Man: No Way Home,” “Top Gun: Maverick,” and ”Jurassic Park: Dominion.” Industry giant Warner Discovery has said it’s doubling down on theaters and moving away from debuting films on its HBO Max streaming service.īut this summer’s $3.3 billion in ticket sales is still running nearly 20% behind the summer of 2019, before the pandemic, as of Sunday, according to data firm Comscore. ![]()
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