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July 14, 2020
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Cineplex reopens some theatres after $178-million loss in first quarter

Cineplex Inc. is reopening some of its theatres as the company struggles with the fallout of COVID-19 and the demise of its takeover deal.

The Toronto-based movie theatre company will open some theatres in British Columbia, Saskatchewan, Quebec, New Brunswick, Nova Scotia and Newfoundland on Friday.

The reopenings come as Cineplex vows to sue U.K.-based chain Cineworld PLC for calling off a $2.8-billion takeover of the company.

On Monday, Cineplex said the COVID-19 pandemic had a “material negative effect” on its operations and resulted in a $178.4-million loss in the first quarter.

The company lost $2.82 per diluted share for the three months ended March 31, compared with a loss of 12 cents per share or $7.36 million a year earlier.

Cineplex revenues tumbled to $282.8 million from $364.6 million, while attendance plunged to 10.7 million from nearly 15 million.

Click Here to Visit Orignal Source of Article https://www.ctvnews.ca/business/cineplex-reopens-some-theatres-after-178-million-loss-in-first-quarter-1.5005436

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