The daily business briefing: September 8, 2022

Regal Cinemas parent company Cineworld files for bankruptcy protection, Kim Kardashian launches a private equity firm, and more

Regal Cinemas
(Image credit: Scott Olson/Getty Images)

1. Cineworld, owner of Regal Cinemas, files for bankruptcy protection

Regal Cinemas owner Cineworld Group on Wednesday filed for bankruptcy protection in federal court in Houston, blaming weak ticket sales. Movie theater admissions rebounded somewhat as COVID-19 restrictions were lifted, but they haven't returned to pre-pandemic levels. Cineworld is the world's second-largest movie theater chain behind AMC Entertainment Holdings. It operates 751 movie theaters, more than 500 of them in the United States. Its stock has fallen since early this year as audiences were slow to return. "Traveling to a movie theater to watch a movie for two to three hours, and spending $20 to $25, is just not attractive anymore for a lot of people, especially young people," said Eric Snyder, a bankruptcy expert at Wilk Auslander.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.