The head of Cineplex told investors at the company’s webcast annual meeting on Tuesday that executives will “make the necessary changes” to push through the next six to 12 months, which could see theatres temporarily closed due to the virus,
But Jacob also fired back at a decision by
The province tightened COVID-19 restrictions on various gathering spots — including gyms, restaurants, casinos and cinemas — for at least 28 days in
The CEO characterized the move as unfair to cinema operators who have enforced staggered showtimes and distancing measures to meet requirements. He said Cineplex has seen zero cases of COVID-19 traced back to its theatres since reopening in the summer.
“When we look at moviegoing in general, it simply does not pose the same risk as other indoor services and gatherings," he said.
"Movie theatres are fundamentally different from any other retail or restaurant environment."
Revised provincial regulations also forced Cineplex to close two theatres in
Jacob acknowledged there's a further "risk that we may be required to shut down theatres at certain times" during the coming months, though he anticipated it would be "on a limited basis."
Beyond the temporary closure of some theatres by provincial health authorities, exhibitors also faced another delay of the latest
Jacob said to endure the latest headwinds, Cineplex has several measures on the table, including possible reductions in lease costs and making further cuts to payroll expenses.
"What remains clear in speaking with many of our studio partners is that they're committed to the theatrical release of their films and recognize that is critical to the long-term financial success of a film," he said.
Cineplex hopes to assure moviegoers that returning to theatres is a low-risk activity in
The absence of those key
A decision by Regal Cinemas to temporarily close most of its
Cineplex hopes to overcome the scarcity of big titles with a few exclusive theatrical releases, which have so far included
But over the coming months, Cineplex will be beholden to the constantly changing
The delay of the James Bond film "No Time to Die" left a major dent in the company's share price, which tumbled nearly 30 per cent after the announcement on Friday. Several analysts downgraded the stock in the wake of the move, citing worries about rising debt levels.
Cineplex is also dealing with the fallout of
Cineplex shares were ahead
This report by
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