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This topic comprises 3 pages: 1 2 3
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Topic: Regal Cinemas files bankruptcy.
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Michael Cunningham
Expert Film Handler
Posts: 186
From: Anchorage, AK
Registered: Nov 1999
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posted 08-21-2000 10:21 PM
From an actual Regal employee, here are the known relevant facts. These are taken from a New York Times article from last week, by the way. Regal currently has 1.8 billion, yes BILLION, dollars of debt. One of two investment firms that hold a large (500 Million) stake of Regal's stock is looking to write off their investment. I can't remember their name off the top of my head, but the firm that hasn't spoken yet is KKR investments. Regal also reports losses this quarter that are quadruple last year's for this time. Bankruptcy has not been declared as yet, but it is possible (my thoughts). According to the article, the only plan mentioned by Regal is to cut new theatre construction next year to 2 and to sell off 115 currently operating theatres, yes, one hundred and fifteen. I'm guessing, hoping not, that it will soon be time to look for new employment, sigh.-Mike
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Aaron Flack
Film Handler
Posts: 21
From: Hixson, TN, USA
Registered: Jul 2000
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posted 08-22-2000 11:45 PM
I think that Regal wants to try something just because of Carmike's situation. They don't want to make the same mistake, but they probably already have. I still hope they or some other chain builds this new theater in town. I'd like it to be a different chain, rumors are it could be AMC. That wouldn't be much improvement though considering all the criticism about the major chains.BTW, I don't think there are any Cinemark, AMC, or United Artists theaters in TN. I've read that there's one General Cinema in Memphis, but it's a long shot for them to come here, even though I'd like them to based on the good things you all have said about them. We used to have a theater run by UA but Regal bought it out two years after it had opened, since then it's gone down. I wish Tennessee had more chains, but Carmike and Regal want to rule this state for some reason. Even Nashville only has Carmike and Regal(from what I've read, correct me if I'm wrong).
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Kevin Crawford
Expert Film Handler
Posts: 207
From: Sacramento, CA, USA
Registered: May 2000
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posted 08-23-2000 01:17 AM
I wouldn't hold your breath for GCC to come into town. First of all they only plan to build one more gigaplex in the next fiscal year. Nov '00 to Nov '01. Secondly, they are concentrating on the North East. And trying to build theatres in inner cities, or places that nobody else can build in. But with everyone else selling or closing a bunch of theatres, it is possible that they may buy some theatres. But if you are holding your breath, I would suggest that you make it a deeeeeeeeeeeeeep one.
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