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Cineplex Inc
Symbol CGX
Shares Issued 63,333,238
Close 2020-06-16 C$ 11.62
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Globe says Cineplex facing an existential crisis

2020-06-17 07:37 ET - In the News

The Globe and Mail reports in its Wednesday, June 17, edition that Cineplex, Canada's largest exhibitor, is facing an existential crisis emblematic of the entire film industry. The Globe's Barry Hertz writes that it will be audiences that likely suffer the consequences. Thanks to COVID-19, the takeover deal between Cineworld and Cineplex, which was seen as a sort of lifeline for the Canadian theatre operator, has been quashed. Cineworld alleges Cineplex breached certain conditions. Cineplex claims Cineworld is using the pandemic as cover for "buyer's remorse." Cineplex now plans to commence legal proceedings against its former suitor, all while it is engaged in a massively complicated reconfiguration of its business. Cineplex says it will open "as many of its locations as it can on July 3," complete with new "end-to-end" health and safety measures. Cineplex says the day its doors closed was the day it began "diligently preparing for their safe reopening." Mr. Hertz believes Cineplex is putting appropriate health measures in place. The National Association of Theatre Owners notes that cinemas have weathered myriad disruptions throughout their history, citing television, VHS, DVD and streaming.

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