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U.K. Exhibitor Cineworld Terminates Deal To Buy Cineplex Of Canada

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deadline.com
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Jill Goldsmith U.K. exhibition giant Cineworld is backing out of a deal to acquire Cineplex of Canada claiming the company has both breached the deal terms and experienced an unspecified “material adverse effect” that has caused Cineworld to pull out.In a tortuously worded press release late Friday, Cineworld — the owner of U.S.

chain Regal –indicated that it had approached the issues with Cineplex but that the Toronto-based exhibitor had been “unwilling to cure the breaches,” resulting in immediate termination.Movie theaters have been in dire straits, all suffering pretty notabel adverse impacts as the COVID-19 pandemic left them with zero revenue as they closed theaters and furloughed staff.

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