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Movie Theater at Cortlandt Town Center to Close
The movie theater that has been a major draw at the Cortlandt Town Center since 1998 will be closing in mid-February. Cineworld, owner of Regal cinemas, announced last week in a new bankruptcy filing that it was closing 39 theaters in the United States, including the one it operated in Mohegan Lake. Cineworld stated it would be rejecting leases for the affected theaters starting Feb. 15.
Last September, when Cineworld first announced it was filing for Chapter 11 bankruptcy, the company stated it anticipated emerging from bankruptcy during the first quarter of 2023 with a comprehensive financial restructuring.
“We have an incredible team across Cineworld laser-focused on evolving our business to thrive during the comeback of the cinema industry,” Mooky Greidinger, Chief Executive Officer of Cineworld, stated on the company website four months ago. “The pandemic was an incredibly difficult time for our business, with the enforced closure of cinemas and huge disruption to film schedules that has led us to this point. This latest process is part of our ongoing efforts to strengthen our financial position and is in pursuit of a de-leveraging that will create a more resilient capital structure and effective business.”
“This will allow us to continue to execute our strategy to reimagine the most immersive cinema experiences for our guests through the latest and most cutting-edge screen formats and enhancements to our flagship theatres,” Greidinger continued. “Our goal remains to further accelerate our strategy so we can grow our position as the ‘Best Place to Watch a Movie.’”
Cineworld runs more than 500 theaters nationwide. It estimates saving about $22 million a year by closing the 39 theaters it selected.
Cortlandt Supervisor Dr. Richard Becker said he didn’t receive any advanced warning of the movie theater’s demise from Cineworld nor Town Center management.
“It is happening nationwide,” Becker said of the movie theater’s closing. “There will be a loss of revenue to the town due to a reduction in property and sales tax. Not a critical amount, but every amount counts. It is a unique space that may be difficult to backfill. We are already working on this.”
The Cortlandt Town Center has already had difficulty in recent years finding tenants for empty spaces created by the departures of Modell’s, Dress Barn, and Moe’s Southwest Grill. Ashley’s Furniture is slated to move into the former Office Max location. A large space also exists where a former children’s preschool exited last year.
Rick has more than 40 years’ experience covering local news in Westchester and Putnam counties, running the gamut from politics and crime to sports and human interest. He has been an editor at Examiner Media since 2012. Read more from Rick’s editor-author bio here. Read Rick’s work here: https://www.theexaminernews.com/author/pezzullo_rick-writer/