National CineMedia filed for bankruptcy, the latest casualty of declining audiences at movie theaters that saw its business further imperiled when Cineworld Group Plc sought court protection last year.
(Bloomberg) — National CineMedia filed for bankruptcy, the latest casualty of declining audiences at movie theaters that saw its business further imperiled when Cineworld Group Plc sought court protection last year.Â
The Centennial, Colorado-based advertiser filed its petition in the Southern District of Texas on April 11, court papers show. It listed estimated assets of $500 million to $1 billion and liabilities of between $1 billion and $10 billion.Â
Prior to the filing for bankruptcy, National CineMedia was negotiating with its lenders and bankrupt Cineworld in hopes of maintaining a major ad contract with Regal Cinemas, Bloomberg reported.
The company has been struggling since the pandemic, when would-be moviegoers stayed home. More recently, audiences have trickled back into theaters, but fears of an economic slowdown has caused companies to pull back on advertising spending as questions loom about the recovery of movie theater attendance.
The case is 23-90291, U.S. Bankruptcy Court for Southern District of Texas.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.