Movie enthusiasts looking to catch a film at the Regal theater in Foothill Ranch will need to act quickly or be patient. As Regal sells off theater locations during its bankruptcy proceedings, it has handed over the facility to Cinemark. This transaction means that the movie theater, located at 26602 Town Center Drive in Lake Forest, will no longer operate under the Regal brand after Wednesday, July 26. Following this, it will temporarily close its doors.
Fortunately, all existing Regal staff members have been retained by Cinemark. While there is no concrete timeline for the reopening of the theater, it is expected to happen soon.
This closure is part of a series of closures for Cineworld, which now operates as NewCo after filing for Chapter 11 bankruptcy in September. Since January, at least seven theaters in Southern California, including Anaheim Hills 14, Calabasas Stadium 6, Westpark 8 theater in Irvine, Metro Point Costa Mesa, Hemet Cinema 12, Sherman Oaks Galleria 16, and Yorda Linda and Imax theater, have been slated for closure.
The movie theater industry has been grappling with significant challenges in recent years. First, the availability of cheaper streaming options has made many Americans believe they no longer need to visit theaters to watch movies. Additionally, the pandemic forced the closure of theaters across the country, causing financial distress for theater operators.
Comscore reports that theater revenues in North America plummeted from over $11 billion in 2018 and 2019 to $7.4 billion in 2022.
As the movie theater landscape continues to evolve, it remains to be seen how the industry will adapt and recover.
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