Date: 24th January 2001

Loews Cineplex Planning Major Downsizing


Struggling Loews Cineplex Entertainment plans to close an additional 112 movie theaters with about 675 screens in the U.S. and Canada, it said Tuesday.

The number represents nearly a quarter of all its screens world wide and comes on top of the closing of 34 theaters with 164 screens last year. Loews blamed widening losses on "subpar performance" of movies released last fall.

Meanwhile, today's (Wednesday) New York Times reported that the exhibitor, once again unable to make payments on its line of credit, may soon file for bankruptcy protection. Analysts have observed that doing so would allow the company to dispose of leases at unproductive locations

Source: Studio Briefing