Saturday, 21 Mar 2020 07:45 AM MYT
The family’s Missouri-based company closed its 50 B&B Theatres locations in seven states this week and imposed its first layoffs ever, affecting 1,980 workers. Operators are unsure when they will be able to switch on the marquee lights again. Some voiced concern that they might not be able to reopen at all if the shutdown lingers for months. The theater business already was facing competition from streaming services such as Netflix Inc.estimated that US and Canadian box offices could lose US$2 billion if theatres remained closed until the end of May, though it noted that some industry sources believe that could be recouped later in the year.
Theater owners took pride in staying open during previous crises including World War II and after the September 11, 2001 attacks and offering a respite from the world’s troubles. Plus, the movie business typically remained healthy during economic downturns when people sought a relatively inexpensive form of entertainment.
Mark O’Meara, owner of University Mall Theatres and Cinema Arts Theatres in Fairfax, Virginia, said he would try to negotiate new terms for rent payments with his landlord to help get through the coronavirus crisis. Many in the industry are hopeful moviegoing will see a resurgence after restrictions are lifted and people who have been staying home return to everyday activities.
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