Regal Cinemas Closes 12 Multiplexes Amid Chapter 11 Bankruptcy Filing

Ragland, AL–Cineworld, the parent company of Regal Cinemas, filed for Chapter 11 bankruptcy back at the beginning of September 2022 in an effort to reorganize. The company, which has been struggling to make ends meet even before the COVID-19 pandemic, is using bankruptcy protection as a way to reduce some of its debt and repay its creditors. 

While most companies use Chapter 11 bankruptcy to stay open and continue operating, it’s been announced that Cineworld has closed 12 of its multiplexes (1). Here’s where the shuttered theaters are located and how Chapter 11 bankruptcy can help other struggling businesses.

These Regal Cinemas locations are closing down.

According to Deadline, these are the 12 Regal Cinemas multiplexes that are closing:

1. Parkway Plaza Stadium 12 in the Seattle-Tacoma market
2. Sherwood Stadium 10 in Portland, OR
3. Anaheim Hills 14
4. Calabasas Stadium 6
5. Richland Crossing Stadium in the Philly area
6. Westpark 8 in the Los Angeles market
7. Crow Canyon Stadium 6 in the San Francisco area
8. The Broadway Faire in Fresno, CA
9. Greenville Grande Stadium in North Carolina
10. Colonnade Stadium 14 in Las Vegas
11. Middleburg Town Square Stadium 16 in Cleveland-Akron
12. The Amarillo Star Stadium 14 in Texas.

Although 12 Regal Cinemas locations may sound substantial, the company still has 530 multiplexes open and operating today.

When should a business in Alabama consider filing for Chapter 11 bankruptcy?

A business that still has the potential to be profitable but is at risk of shuttering due to the large amount of debt it’s accrued may want to consider filing for Chapter 11 bankruptcy. When a business files for Chapter 11 bankruptcy, an automatic stay goes into effect. During this time, any active collection activities, foreclosures, repossessions, or judgments are put on pause (2).

Essentially, what this means is that a business owner(s) is given the time to reorganize their debt without creditors constantly pursuing them for money owed. Aside from that, a business that is approved for bankruptcy protection can also borrow new money in an effort to help it regain its footing.

A Ragland, Alabama bankruptcy attorney can assess your circumstances and determine if your business qualifies for bankruptcy.

If your business is in financial trouble and you’ve exhausted all options, it may be time to speak with a bankruptcy attorney in Ragland, AL. They can help you understand how the process works and if right now is a good time to file.

Hill, Gossett, Kemp & Hufford, P.C. is a bankruptcy law firm with multiple locations in Alabama that is here to help you get through this difficult time. 

Have questions about this article or a legal concern? Call 800-672-3103.

Disclaimer: No representation is made that quality of legal services provided is greater than the quality of legal services provided by other attorneys.

Hill, Gossett, Kemp & Hufford, P.C. can be reached at:

Moody Office

2603 Moody Parkway, Suite 200

Moody, Alabama 35004

Phone: (205) 640-2000

Website: www.hwhlawgroup.com

Leeds Office

7900 Parkway Drive

Leeds, AL 35094

Phone: (205) 699-5500

Springville Office 

6441 U.S. Highway 11

Springville, Alabama 35146

Phone: (205) 467-2225

Sources:

1. https://deadline.com/2022/09/regal-closes-12-cinemas-cineworld-bankruptcy-1235132333/ 
2. https://www.uscourts.gov/services-forms/bankruptcy/bankruptcy-basics/chapter-11-bankruptcy-basics