Regal Cinemas takes over the cinema space occupied by the Arclight Sherman Oaks in Sherman Oaks, California.
Los Angeles weather reported that Cineworld-owned Regal Cinemas yesterday signed a lease with mall owner Douglas Emmett Inc.
Regal is reportedly investing $ 10 million in movie theater renovations by updating it on par with its Regal Irvine Spectrum which reopened last fall for Principle. Regal recently opened a brand new multiplex in North Hollywood, six miles east of Arclight Sherman Oaks. The new Regal at Sherman Oaks will have 4DX, PLF screens as well as ScreenX which is a three-screen wrap-around auditorium (Regal already has one in their downtown Valencia location in Valencia, California). Regal and Douglas Emmett both acknowledged the new lease in the Los Angeles Times report.
Pacific Theaters files for Chapter 7 bankruptcy
The Sherman Oaks Arclight was one of the chain’s five most profitable locations in 2019 with annual gross sales per source of $ 9.5 million behind the Arclight Hollywood / Cinerama Dome ($ 15.3 million), The Pacific Grove ($ 12.3 million), The Pacific Glendale ($ 11M) and the Pacific Winnetka in Chatsworth, CA ($ 10.1M). The Sherman Oaks Cinema, like the Hollywood Arclight, was a venue for several awards season screenings and Q&A. Regal would be wise to profit from this venture.
The deadline first signaled that parent company Decurion was shutting down Arclight Cinemas and Pacific Theaters after being shaken up by their leases. Many people in distribution circles say the Forman family, who operated Arclight and Pacific, will hang on to the Hollywood Arclight / Cinerama Dome site, which they own, and reopen the venue at a later time. Their Pacific Grove and Glendale leases go to Exhibitor # 1 AMC. On Friday afternoon, we reported that Pacific Theaters Exhibition Corporation is filing for Chapter 7 bankruptcy and liquidating its projectors, popcorn machines, seats, and more, as well as its Winnetka site that they would own.
Among these Arclight-Pacific leases left in abeyance and to be won are its Los Angeles County sites, Arclight Pasadena, Arclight Beach Cities; Arclight Culver City and Pacific Northridge as well as its cool locations in Boston.