The owner of Regal Cinemas, which operates three movie theaters in Connecticut and hundreds across the United States and in other countries, said Monday it’s considering filing for Chapter 11 bankruptcy protection.
The theater chain is owned by British company Cineworld Group. In an announcement, Cineworld said it is reviewing bankruptcy as a way to maintain the business, which has struggled amid COVID-19 restrictions and low attendance.
“The strategic options through which Cineworld may achieve its restructuring objectives include a possible voluntary Chapter 11 filing in the United States and associated ancillary proceedings in other jurisdictions as part of an orderly implementation process,” the announcement says. “Cineworld is in discussions with many of its major stakeholders including its secured lenders and their legal and financial advisers.”
Regal theaters remain open for business and the company intends to “continue its business over the longer term with no significant impact upon its employees.”
There are three Regal Cinemas locations in Connecticut: at the Brass Mill Center mall in Waterbury and in Waterford and Pawcatuk. Worldwide, Cineworld has 9,189 screens across 751 sites, according to the company’s website.
