Cortland Town Center to Shut Down Feb. 15; Regal to Close 39 US Theaters
Cineworld, the parent company of UA-Regal, announced that it was closing 39 movie theaters in the US, including United Artists Cortandt Town Center in Mohegan Lake.
For those of us from Northern Westchester, this movie theater has been in business since 1999.
Carmel, Mt. Kisco, Pleasantville are the nearest locations to visit an open movie theater.
The only hope for this location is that Cineworld has reached out to 30 possible buyers after declaring bankrupty last year.
AMC theaters is one company said to be in negotiations. But those 39 UA-Regal theaters that will close, including Cortlandt Town Center, are among the least profitable theaters.
One of the last showings at UA Mohegan Lake may be the finale of Season 3 of The Chosen, which will run Feb. 2-5.
Cineworld has warned shareholders that despite some movies, like Top Gun, Black Panther: Wakanda and Avatar 2, there is “no guarantee of any recovery,” of stock value. “Shareholders have been told on numerous occasions that their investment could be significantly diluted … so the situation is more about getting back pennies in the pound rather than waiting for a big payday,” AJ Bell investment director Russ Mould said in a note to shareholders of the UK company.
Cineworld had predicted to shareholders that ticket sales would remain below levels before COVID in 2020. “The pandemic was terribly difficult for our businesses with the enforced closure of cinemas and huge disruption to film schedules that has led us to this point.”
