With theatrical admissions free-falling due to the lack of U.S. blockbusters, cash-strapped European exhibitors are up in arms about paying rent for the months they were dark due to coronavirus
With theatrical admissions free-falling due to the lack of U.S. blockbusters, cash-strapped European exhibitors are up in arms about paying rent for the months they were dark due to COVID-19.
While governments have become involved in generating insurance solutions for production restarts, authorities have remained mostly hands-off when it comes to rental dilemmas, letting cinemas exhibitors and landlords duke it out, even in countries like France, which boasts a highly subsidized film industry.
While many of the smallest theaters are owned by their exhibitors, larger venues and multiplex chains almost always include theaters that are rentals — for instance, in shopping malls. It’s these bigger venues that are often left out of any government schemes, and are struggling to find arrangements with commercial real estate companies.
“We’re going to take every single landlord or real estate company who doesn’t play ball to court. There’s no reason why real estate companies who have invested millions in shopping malls and have loan repayment plans set over 30 years can’t make a gesture for us,” said Bouyssy. “But that’s not enough. The Spanish Government is not helping at all and has left exhibitors unprotected in front of landlords,” said Jaime Tarrazon, the delegate of Federación de Cines de España. “Before, we were worried about reopening, but now our big problem is being able to survive with no U.S. product on the horizon…We can’t be asked to pay past and current current rents; it’s going to kill the companies,” said Tarrazon.
In Germany, where 60% of screens have reopened, exhibitors were allowed a rent freeze until June 30 but will have to repay those rents by June 2022, according to Sophie Deutschendorf at HDF Kino.
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