CINEPLEX REVENUE PLUMMETS 88% AFTER COVID CLOSURES

Cineplex Inc. said revenue declined 88 per cent to $52.5 million from $443 million a year ago, missing average analyst expectations as the COVID-19 pandemic continues to pummel the film industry. Canada's largest chain of movie theatres has been hurt by the delay of big budget films. The Toronto-based company is trying to slow the rate at which it uses cash. It burned about $24.8 million per month in the quarter. It also sold its headquarters in December in an effort to generate enough cash to pay down debt. On Monday, Cineplex said it had reached an agreement with lenders for relief on its financial covenants to the fourth quarter of 2021. The company's theatres are still closed in parts of Canada, many of which were shuttered when a second wave of the coronavirus struck.