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New York Post
07-07-2025
- Business
- New York Post
Cinemaworld of Florida is latest movie theater chain to file for bankruptcy
Cinemaworld of Florida, the operator of Majestic and CW-branded theaters, filed for Chapter 11 protection — the latest chain to go belly-up as streaming services sap business. The company, which does business as The Majestic 11 and CW Lanes & Games, operates movie theaters and entertainment venues across three states, including Florida. Cinemaworld reported having between $10 million and $50 million in both assets and liabilities, according to the filing last week in US Bankruptcy Court in Miami. 3 A Florida-based movie theater chain has filed for Chapter 11 bankruptcy protection. CinemaWorld Theaters The bankruptcy petition stated that funds would remain for distribution to unsecured creditors after covering administrative expenses. The filing includes the company's flagship Majestic 11 theater in Vero Beach, Fla., as well as other CW-branded properties. CW Theaters offers some of the most affordable first-run movie tickets available, with adult admission priced at $7 every day for all showtimes. Discounted $5 tickets are available for military members, veterans, hospital staff, first responders, seniors aged 55 and up, and children 12 and under. On Super Tuesday, all standard tickets are just $4 throughout the day. Court records show Cinemaworld is seeking to restructure its finances while keeping operations running. 3 The company, which does business as The Majestic 11 and CW Lanes & Games, operates movie theaters and entertainment venues across three states, including Florida. CW Lanes and Games/Facebook Chapter 11 allows companies to continue business as they work out a reorganization plan — often involving renegotiated leases, debt restructuring or asset sales. Any final plan must win approval from both creditors and the court. The company, headquartered in Vero Beach, did not disclose the number of theaters or employees affected in its initial filing. More details are expected as the case moves forward. Every morning, the NY POSTcast offers a deep dive into the headlines with the Post's signature mix of politics, business, pop culture, true crime and everything in between. Subscribe here! Cinemaworld's bankruptcy comes as movie theaters continue to reel from post-pandemic fallout. Declining ticket sales, competition from streaming platforms and changing consumer habits have battered chains both large and small. Since 2020, several major movie theater chains have filed for bankruptcy amid mounting financial pressures following the COVID pandemic. 3 The company, headquartered in Vero Beach, did not disclose the number of theaters or employees affected in its initial filing. CinemaWorld Theaters Cineworld, the owner of Regal Cinemas, filed in 2022 and closed more than 50 locations before emerging from bankruptcy in 2023. CMX Cinemas and Cinemax Holdings USA have each filed twice in five years, most recently in 2025, with both companies continuing to operate 28 locations while reorganizing. Alamo Drafthouse, which filed in 2021, was acquired by Sony Pictures in 2024, while Metropolitan Theatres Corp. filed for reorganization in early 2024. Even chains like AMC Theatres, which has not filed, are grappling with heavy debt and shrinking revenues as the broader industry continues to feel the effects of the pandemic, streaming competition, and changing audience behavior. While Chapter 11 offers a path to survival, it doesn't guarantee all locations will remain open. Closures, layoffs or asset sales could follow depending on how the restructuring unfolds.
Miami Herald
06-07-2025
- Entertainment
- Miami Herald
Another popular movie theater chain files Chapter 11 bankruptcy
Movie theaters have faced fierce competition from various media since the 1980s, and it only got worse after the Covid-19 pandemic. Increased sales of video cassette recorders in the 1980s and 90s, movie production companies' expansion of selling movies on VHS tapes, and the growth of video rental store chains, led to more people watching movies at home and a reduction in movie theater attendance. Don't miss the move: Subscribe to TheStreet's free daily newsletter As the 1990s began, the movie industry was generating more revenue from the sale of VHS movie tapes than movie tickets, Movieweb reported. Related: Popular Dairy Queen rival franchisee files Chapter 11 bankruptcy The new millennium brought streaming into households as Netflix launched in 2007. The rise in streaming services led to a decline in movie theater audiences as global theater attendance declined by 4% in 2021, the Motion Picture Institute reported. The industry had been enjoying record revenues before the Covid-19 pandemic in 2020, as it reached nearly $12 billion in 2018, before plummeting to $8.5 billion in 2024. Much of that decline was fallout from the Covid-19 pandemic. Many movie theaters that shut down completely during the pandemic, never returned to pre-Covid attendance levels as many people were still reluctant to take a chance on catching a disease in a theater, or they had broken the habit of going to the movies. The rising cost of movie tickets has forced many people to be more selective in choosing which films they see. While the quality of viewing a motion picture in a movie theater can seldom be matched for the total experience, many people believe streaming a film on their home entertainment system is adequate for them. Post-Covid movie theater economics have forced movie theater companies into financial distress, requiring some companies to file for Chapter 11 bankruptcy. The second-largest movie theater chain behind AMC, Cineworld, closed 50 Regal theaters and filed for Chapter 11 bankruptcy in September 2022. It exited bankruptcy in July 2023. CMX Cinemas, which has 28 locations, 311 screens, and over 2,000 employees, filed for Chapter 11 protection for the second time in five years on June 30 in the U.S. Bankruptcy Court for the Southern District of Florida to reorganize. The debtor listed $50 million to $100 million in assets and $1 million to $10 million in liabilities in its petition. The company's biggest asset are its real estate, and it is evaluating its real estate portfolio, according to Bloomberg. And now, movie theater chain Cinemaworld of Florida, which operates Majestic and CW-branded theaters in three states, filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Southern District of Florida on July 3, seeking to reorganize its business. Related: Major iconic food brand files for Chapter 11 bankruptcy Cinemaworld listed $10 million to $50 million in assets and liabilities. The debtor's petition indicated that funds would be available for distribution to unsecured creditors after administrative expenses. More bankruptcy: Iconic auto repair chain franchise files Chapter 11 bankruptcyPopular beer brand closes down and files Chapter 7 bankruptcyPopular vodka and gin brand files for Chapter 11 bankruptcy The Vero Beach, Fla.-based movie theater company operates The Majestic 11 theater and CW Lanes & Games Bowling Center in Vero Beach. The debtor also operates the 15-screen CW Theaters in West Melbourne, Fla., which include stadium seating, DLP digital sight and sound. CW Theaters is one of the lowest-priced first-run movie theaters guests are going to find, priced at $7 for adults on all days, all shows; and $5 for military, veterans, hospital staff, first responders, seniors 55 or older, and kids 12 and under. Super Tuesday tickets for all standard tickets, all day on Tuesdays, are only $4. Cinemaworld also operates the Majestic 7 theater in Watertown, Mass., and CW Lincoln Mall 16 in Lincoln, R.I. Related: Another major job recruiter firm files Chapter 11 bankruptcy The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
