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Investing.com — No time to die, and yet, no time to live.
With the delay of the 25th James Bond film, “No Time to Die,” Cineworld will suspend operations at all of its 537 Regal theaters and 127 Cineworld and Picturehouse theaters on Thursday.
That’s sinking stocks of theater operators as movie-lovers shy away from returning to the cinema amid the stubborn coronavirus. Cinemark Holdings Inc (NYSE:CNK) is down 16% and AMC Entertainment Holdings Inc (NYSE:AMC) dropped 11%.
The movie will be delayed until April 2, according to MGM, Universal and Bond producers, Michael G. Wilson and Barbara Broccoli.
“In response to an increasingly challenging theatrical landscape and sustained key market closures due to the COVID-19 pandemic, Cineworld confirms that it will be temporarily suspending operations,” the company said in a statement.
Studios have been reluctant to release their pipeline of new films, Cineworld said. The closures will affect approximately 45,000 employees.
“This is not a decision we made lightly, and we did everything in our power to support safe and sustainable reopenings in all of our markets,” Chief Executive Officer Mooky Greidinger said.
Late last month, AMC said it would have 80% of all U.S. locations back in operation.
