Cineplex CEO Ellis Jacob told shareholders his Canadian movie chain will not reclose theaters as Hollywood tentpoles continue to be delayed to 2021 or get streaming releases amid the pandemic.
Cineplex shares collapsed last week on news the latest James Bond film had been delayed to next year. That also followed Ontario ordering the closure of 22 Cineplex movie theaters in major provincial markets amid resurgent COVID-19 infection rates. He added Cineplex had sufficient operating cash to keep its theaters open, government health protocols permitting, amid a dearth in new Hollywood theatrical releases and reduced theater capacity as the Canadian chain had sharply reduced operating costs and its monthly cash burn.Regal owner Cineworld Group after it called off a proposed $2.1 billion takeover of the Canadian chain, which would have created one of the world's largest cinema companies with more than 11,200 screens globally.