Lucky for local movie lovers, the Regal Maui Mall Megaplex will remain open as 39 other theaters across the U.S. are slated for closure this year by bankrupt parent company Cineworld.
Regal is the second largest theater chain in the U.S.—after AMC, which is almost twice its size. The company operates theaters in 42 states plus the District of Columbia, as well as locations on American Samoa, Saipan, and Guam. It’s parent, Cineworld Group, filed for Chapter 11 bankruptcy four months ago after the COVID-19 pandemic devastated the industry, whose margins have historically always been thin, relying largely on concession stand sales to turn a profit.
Among the 39 Regal theaters slated for closure beginning February 15 are six in New York State and seven in California. Closer to home, Big Island cinephiles will lose the Keauhou Stadium 7 Cinemas in Kailua-Kona.
Cancellation of the 39 leases will save Regal about $22 million annually, the company projects. A previous round of closures in September shuttered another 12. About 500 locations will remain in operation, according to Regal.