LA's Sherman Oaks Galleria 16 Cinema To Close In Mid-February: Reports

SHERMAN OAKS, CA -- The Sherman Oaks Galleria 16 movie theater is closing its doors as soon as mid-February, according to published reports.

Media outlets, including CNN and Business Insider are reporting that Cineworld Group, the parent company of Regal Cinemas, will reject leases at 39 theaters effective Feb. 15, including the Sherman Oaks Galleria 16 movie theater, located at the Sherman Oaks Galleria mall.

According to Business Insider, the closings are part of a bankruptcy filing by Cineworld, which told the court on Jan. 17 that the closings would save the company $22 million annually as it continues to work with landlords to preserve other theaters.

The movie theatre industry continues to struggle in the aftermath of the pandemic, which saw a shift by Hollywood studios to streaming and video-on-demand, or VOD, releases.

Cineworld, which operates more than 9,000 screens across 10 countries and employs around 28,000 people, declared bankruptcy in September 2022, citing a difficult economic environment for movie theaters brought on by the pandemic, as well as high debt stemming from its $3.6 billion purchase of Regal just prior to the pandemic.

Regal Cinemas is the United States’ second-largest theater chain after AMC Theaters, which has 950 locations, according to its website.