Regal Owner Cineworld Shuts 5% of Theaters, Plans Many Closures

Cineworld Group Plc has shuttered 23 theater sites since filing for bankruptcy last year and plans many more closures, according to a legal adviser in a restructuring hearing Wednesday.

The cuts so far represent about 5% of the company’s theater count in August. The world’s second-largest cinema chain now has 478 sites.

The closures are potentially good news for other theater operators, which will have less competition for customers. The theater industry has suffered from a dearth of films and consumers still skittish to return to cinemas during the pandemic.

The owner of Regal theaters in the US and Cineworld ...