The movie theater that has been a major draw in downtown Cortlandt since 1998 will close in mid-February. Cineworld, owner of Regal Cinemas, announced in a new bankruptcy filing last week that it was closing 39 theaters in the United States, including the the one he operated at Mohegan Lake. Cineworld said it would reject leases for affected theaters from February 15.

Last September, when Cineworld first announced it was filing for Chapter 11 bankruptcy, the company said it planned to emerge from bankruptcy in the first quarter of 2023 with a full financial restructuring.

“We have an incredible team across Cineworld laser focused on evolving our business to thrive during the movie industry’s comeback,” Cineworld CEO Mooky Greidinger said on the company’s website ago. four months. “The pandemic has been an incredibly difficult time for our business, with the forced closure of cinemas and a huge disruption to movie times that has gotten us to this point. This latest process is part of our ongoing efforts to strengthen our financial position and targets deleveraging that will create a more resilient capital structure and an efficient business.

“This will allow us to continue executing our strategy to reinvent the most immersive cinematic experiences for our guests through the latest and most advanced screen formats and enhancements to our flagship theaters,” Greidinger continued. “Our goal remains to further accelerate our strategy so that we can strengthen our position as the ‘best place to watch a movie’.”

Cineworld operates over 500 theaters nationwide. He estimates he’s saving about $22 million a year by closing the 39 theaters he selected.

Cortlandt’s supervisor, Dr. Richard Becker, said he received no advance warning of the disappearance of the Cineworld cinema or from downtown management.

“It’s happening all over the country,” Becker said of the movie theater closure. “There will be a loss of revenue for the city due to a reduction in property tax and sales tax. Not a critical amount, but every amount counts. It’s a unique space that can be difficult to fill. We are already working on it. »

The Cortlandt Town Center has already struggled in recent years to find tenants for the empty spaces created by the departures of Modell’s, Dress Barn and Moe’s Southwest Grill. Ashley’s Furniture is expected to move into the former Office Max location. A large space also exists where a former kindergarten for children came out last year.

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