Cineplex Loses $178M in 1st Quarter
CBJ — Beleaguered theatre chain operator Cineplex lost a staggering $178.4 million in the company’s first quarter.
The Toronto-based enterprise blames the COVID-19 pandemic for the vast majority of the losses.
However, there are some who believe theatre chains may eventually suffer the same fate as video stores — which were usurped by online streaming services. More and more people are definitely catching their movie fix at home nowadays and trying to entice them off the couches and into a theatre seat gets harder as more online options become available with each passing day.
Cineplex has 1,687 screens at 164 locations across Canada. They have been dark since the coronavirus lockdown went into effect on March 16.
Cineworld of Great Britain had planned on acquiring Cineplex for $2.8 billion but the deal was called off over alleged breaches by the latter. The specifics have never been made public. Now, Cineplex is planning to sue for damages.