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  • CJ CGV To Close 30 Pct Of Theaters By 2023

Photo: Yonhap News
Photo: Yonhap News
Cinema chain CJ CGV has decided to close 30 percent of its theaters in South Korea as it has been hit hard by the coronavirus.

CGV revealed on Monday that it plans to close 35-40 branches within the next three years.

Currently, it operates 119 cinemas nationwide.

A company official said the multiplex chain started tightening its belt during the first half of the year due to the economic fallout from COVID-19, and that shuttering some theaters is the only way to survive.

The prolonged pandemic has postponed the release of many local and Hollywood films, and has made people weary about going to the movies.

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