The company lost $98.9 million (US$74.7 million) in the quarter and said free cash flow was negative $53.8 million on an adjusted basis. In Canada, "Target Number One," a legal thriller starring Josh Hartnett as former Globe and Mail journalist Victor Malarek, was a rare new film to open in select cities. As of Aug. 14, approximately 80 per cent of locations have resumed operations, the company said in a call with analysts Friday, with the remaining 20 per cent set to open by next week. Cineplex denied the claim and has filed a suit against Cineworld, seeking billions in damages. The shares rose as much as 6.6 per cent as of 12:41 p.m. in Toronto on Friday, the biggest intraday gain in about a month. Benefit from the huge on screen experience and the impact of cinema surround sound.
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Zachary Curry's Top Picks: October 1, 2020, Cineplex lays off 130 workers amid COVID-19, Cineworld fallout, Cineplex urges Ontario to loosen theatre occupancy limits.
The merger would have created the biggest operator of movie theaters in North America. The number of people allowed inside a movie theatre varies by province, depending on the impact of COVID-19 and the reopening measures introduced by local health authorities.
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Cineplex said in June it was working with lenders on a deal to relax financial covenants after London-based Cineworld Group Plc, the world’s second-largest cinema group, scrapped its deal to take over the Canadian chain, alleging breach of contract. Cineplex has faced a number of hurdles in recent months as it contended with a full closure of its theatres amid the COVID-19 pandemic. The urgency around theatres reopening has been minimal this summer, partly because Hollywood continues to push its biggest new films down the calendar as the U.S. struggles with the spread of the virus.
McGrath says the existing capacity rules don't make economic sense for the chain. Partners.
This report by The Canadian Press was first published July 22, 2020. “We also shifted our attention to plan for the safe return of our employees and guests and to strengthen Cineplex’s financial position over the short and long term.”.
TORONTO — Executives at Cineplex Inc. are asking the Ontario government to loosen restrictions over how many people can occupy its cinemas at a single time.
EXPLORE ESG RATINGS SOLUTIONS . “While it is impossible to predict how long this crisis will last and how significant the impact will be on our business, Cineplex will continue to take the necessary steps to strengthen the financial position of our company and ensure a healthy future,” Jacob said. The Toronto-based company said it’s “implementing a number of pricing and marketing strategies to entice its guests to return.” Jacob said in an interview with Bloomberg News on Friday that customers “are starved for content, and they can’t wait to come back.”. "As long as we keep getting a few — even if they're smaller films — coming in, new films along with the catalogue product, we're able to sustain that and operate profitably.". Yahoo is part of Verizon Media. Many theaters have already reached capacity under physical-distancing rules, and attendance numbers are expected to increase as new films such as “Unhinged” and “The SpongeBob Movie: Sponge on the Run” come out, he added. The company doesn’t expect to see breakeven results in the third quarter, but added it expects 2021 to be a “very strong year” at the box office with the release of highly anticipated titles, such as “Minions: The Rise of Gru.”. More. “To immediately mitigate the impact of the closure of our theaters and entertainment venues, we focused on reducing all expenses to the greatest extent possible,” Chief Executive Officer Ellis Jacob said in a statement.
Ross McKitrick: If carbon taxes work, why all the new regulations? Note to readers: This is a corrected story. Ontario's Stage 3 reopening guidelines, introduced last week, cap a movie theatre's occupancy of 50 guests in the building, regardless of how many screens it operates. To enable Verizon Media and our partners to process your personal data select 'I agree', or select 'Manage settings' for more information and to manage your choices. Find out more about how we use your information in our Privacy Policy and Cookie Policy. No MSCI ESG Research product or service supports, promotes or is intended to support or promote any such activity.
Jennifer Lawrence and Husband Cooke Maroney Wear Matching Masks While Out to Lunch in N.Y.C. Cineplex Inc. said revenue dropped 95 per cent in the second quarter and that it burned through about US$40 million in cash as it shut theaters because of the coronavirus. Cineplex has reopened 35 locations in provinces where distancing measures are less restrictive.
More. That was consistent with analysts’ expectations, according to Royal Bank of Canada analyst Drew McReynolds. We and our partners will store and/or access information on your device through the use of cookies and similar technologies, to display personalised ads and content, for ad and content measurement, audience insights and product development. Market to an entire generation growing up in Botswana. The trial is tentatively set for September 2021. Like us on Facebook to see similar stories, COVID-19 testing by appointment and new baby panda: In The News for Oct. 6, Greece says onus on Turkey to ease tensions, 'Work from work:' How a U.S. energy firm’s office return left some employees bruised, Lakers vs. Heat: Three keys to watch in Game 4 of the NBA Finals. ESG COUNTRY … Last week, Cineplex laid off more than 130 employees as it looks towards an uncertain slate of movie releases in the coming months. A previous version included an incorrect total of reopened theatres provided by Cineplex. You can change your choices at any time by visiting Your Privacy Controls. Dan McGrath, chief operating officer of the Canadian movie theatre chain, says the company has been in conversations with the province's health ministry in hopes of revising limits that allow up to 50 moviegoers inside a single auditorium.
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