Sad news for cinema-goers in Anchorage today with the news that popular movie business Regal Cinemas is closing one of its locations in Anchorage.
The Regal Cinema at the Tikahtnu Stadium 16, 1102 North Muldoon Road, Suite B Anchorage will not have its lease renewed next month.
The parent company of Regal Cinemas, Cineworld, filed for Chapter 11 bankruptcy after the pandemic devastated the industry and public screenings. To save costs, the business has decided to close 39 cinemas across the United States starting from February 15.
Unfortunately, one Anchorage location was on the list of sites to be closed.
“In the lead up to these chapter 11 cases, the Debtors undertook an extensive analysis of their U.S. lease portfolio as part of formulating a revised, go-forward business plan. The objective of that analysis has been, and continues to be, identifying unprofitable, underperforming, or otherwise undesirable theater locations in the United States" Cineworld
It is hoped that closing these 39 locations will allow the remaining, including the two others in Anchorage, to stay open.
"The debtors are hopeful that these negotiations will lead to lease concessions and modifications that will obviate the need for rejection and enable additional theater sites to remain open." Cineworld
Regal Cinemas is the United States’ second-largest theater chain behind only AMC Theaters. Two other Regal Cinemas will still operate in Anchorage once the Tikahtnu Stadium cinema closes.
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Are you sad to hear that Anchorage will lose a Regal Cinema? Did you attend this location? Would you like to see another business take over this cinema?
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