Cineplex Reports 95% Revenue Drop After Virus Closes Theaters
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A Cineplex movie theater in Toronto this February.
Photographer: Cole Burston/BloombergThis article is for subscribers only.
Cineplex Inc. said revenue dropped 95% in the second quarter and that it burned through about $40 million in cash as it shut theaters because of the coronavirus.
“To immediately mitigate the impact of the closure of our theaters and entertainment venues, we focused on reducing all expenses to the greatest extent possible,” Chief Executive Officer Ellis Jacob said in a statement. “We also shifted our attention to plan for the safe return of our employees and guests and to strengthen Cineplex’s financial position over the short and long term.”