The lights have gone out for Regal Cinemas’ Tigard theater, according to a post on the company’s website.
Regal Tigard’s website says that the 11626 S.W. Pacific Highway theater has closed, but it doesn’t say when. It told people where to go at the Bridgeport Village, Pioneer Place, and Lloyd Center malls.
Cineworld, which owns Regal, filed for Chapter 11 bankruptcy in September after a massive drop in domestic box office revenue caused by the COVID-19 pandemic. This means that Regal has to close.
The national chain has been shutting down theaters since last year. Willamette Week said Regal closed its Sherwood store a week after filing for bankruptcy. In 2000, the Sherwood theater opened.
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Cineworld is the second-largest movie theater chain in the world after AMC Entertainment Holdings. In January, Cineworld filed for bankruptcy, citing the pandemic as the reason for closing 39 Regal theaters across the United States. In court documents, the company also said that from 2019 to 2022, the monthly rent per theater went up by almost 30%.
Twitter user Casey Holdahl’s reaction to the sudden closure of Regal Cinemas is shown in the tweet below-
Before the bankruptcy filing, there were about 500 Regal theaters in the U.S. In 2020, the company lost $3 billion because many theaters were closed because of COVID-19. In 2021, before taxes, the company lost $708.3 million. An interim earnings report filed in September last year said the net debt, minus lease liabilities, was $4.84 billion.
The corporate office of Regal did not respond right away to an email asking for comment.
The 2005-built Bridgeport Village Stadium theater by Regal is still open. It is also in Tigard. At 11959 S.W. Pacific Highway in Tigard, the Joy Cinema shows both new movies and older ones.
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