The Regal Union Square multiplex is not closing after all

ICYMI: Last Thursday, Regal announced that the company had signed a new lease with Related to continue the operation of the multiplex theater on Broadway and 13th Street. (News release here.)

In January, Cineworld, the parent company of Regal Cinemas, the second-largest chain of movie theaters in the United States, announced that it was closing 39 locations, including the Regal Union Square Stadium 17, as part of its Chapter 11 bankruptcy proceedings. 

From the news release: "In cooperation with our partners at Related, we are excited to enter into a long-term lease agreement for this premiere entertainment destination providing moviegoers from the area the best place to watch a movie for many years to come," said Cineworld CEO Mooky Greidinger. 

The theater underwent a multi-million-dollar refurbishment in early 2020. 

Those pre-pandemic enhancements included the arrival of a bar... and the Pepsi 4DX auditorium, "where the on-screen visuals of action-packed blockbusters are enhanced through special effects including motion-synchronized seats, wind, fog, rain, lightning, snow, bubbles, vibration and scents." (The way "Cocaine Bear" was meant to be experienced!) Not to mention the ScreenX auditorium, "where movie fans go beyond the frame of the movie screen by expanding feature films to the left and right walls of the theater." (It takes some getting used to, IMO.)

The theater debuted in November 1998 as part of the United Artists family. 

Photo from January in case you were wondering why "Plane" is showing... and H/T Simon.

Report: The Regal Union Square multiplex to close after bankruptcy filing

Cineworld, the parent company of Regal Cinemas, the second-largest chain of movie theaters in the United States, is closing 39 locations, including the Regal Union Square Stadium 17 on 13th Street and Broadway, according to published reports. (H/T Doug.)

Regal Closing Once-Busy Union Square Movie Theater In NYC as Bankruptcy Proceeds https://t.co/pxj1s2Fw4x

— The Hollywood Reporter (@THR) January 19, 2023

Per Business Insider, who first reported on the closures: 

Cineworld filed for bankruptcy at a time when the larger theatrical industry is struggling to fully rebound from the pandemic. The North American box office hit $7.4 billion in 2022, according to Comscore, down from over $11 billion in 2019 and 2018. 

And... 

Cineworld detailed the plan to reject the leases starting February 15 in a new bankruptcy filing on Tuesday. Regal is the second-largest cinema chain in the US, behind AMC, with over 500 theaters. The company's plan to close locations during its bankruptcy is fairly routine. The Chapter 11 process makes it easier for companies to walk away from leases without incurring major penalties and to press landlords for better terms. 

Regal's multiplex at Essex Crossing on Delancey and Essex was not listed among the 39 set for closure.

Regal Union Square, with 17 screens, underwent a multi-million-dollar refurbishment in early 2020. 

The theater debuted in November 1998... (image via Cinema Treasures) ...