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Tens of thousands of jobs in the film industry are in jeopardy after a large company announced its closure.
Cineworld, the British company that owns Regal Cinema in the US, has announced that it will temporarily close all 663 cinemas in the US and Great Britain. The move could leave 40,000 employees in the US and 5,000 workers in the UK on the road.
During the summer some cinemas reopened, but 200 of them remained closed. And now the company has made the decision mentioned above. On the stock market, the company lost 60 percent of its share value. The company motivated its decision by the lack of new films. They gave as an example a new postponement of the new James Bond film, which will only be released in April, although it was supposed to be released this fall.
“It’s a bad decision for studios to move movies that way. We have nothing to give customers. We are struggling to live. We could reopen in two months or we could close longer,” said Mooky Greidinger, CEO. Cineworld, for the New York Times.
In September, Cineworld reported losses of $ 1.6 billion in the first half of 2020. The company leaves theaters in Poland, the Czech Republic, Slovakia, Romania and Bulgaria.
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