The world’s second-biggest cinema chain said the reluctance of studios to push ahead with major releases such as the new James Bond film had left it no choice but to close all 536 Regal theatres in the U.S. and its 127 Cineworld and Picturehouse theatres in the UK from Oct. 8.
Confirming weekend reports on the closures by Reuters and UK media, the company’s statement on Monday spelt out the scale of the job losses, which take in thousands of ancillary staff including cleaners and security as well as its own employees. It gave no indication of when cinemas might reopen.
Shares in the company, which have plummeted more than 80% this year, dropped another 60% to an all-time low within ten minutes of the opening bell on Monday as it said it was looking at all ways of raising additional funds.