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If you look at the first list Regal submitted for lease rejections, none are Entertainment Properties ( NYSE: EPR) owned.

At the same time, most operators could not get out of old leases that were sinking their cash flows without filing for BK protection.Ĭineworld/Regal is simply continuing that winnowing process from all the theater acquisitions they have completed while consolidating the U.S. The Megaplex revolution, started by the AMC Grand 24, forced cinema operators to reinvest in new physical plants to accommodate 18+ screens with stadium seating and modern concessions management. All that has actually happened is a quickening of a process begun in the late 1990's - closing smaller theaters. Strekoza2/iStock Editorial via Getty ImagesĬineworld PLC, Regal Cinemas UK-based parent filed for bankruptcy protection.