The bad news for the movie business keeps piling up, enough that B. Riley analyst Eric Wold further cut his box office forecasts for both this year and 2021, before suggesting something of a return to old levels in 2022.

But in the meantime, the pandemic pinch that left theaters shut for months and Hollywood studios rescheduling most of their slates into next year or beyond continues to batter the business.

The latest news includes U.K. exhibitor chain Vue saying it will partially close a quarter of its screens during the week. The chain said in a statement that it will close 21 of its 87 theaters Tuesday through Thursday, beginning next week, “to ensure that our business is financially well-placed to withstand the uncertainty ahead.”

The move is similar to one by British competitor Odeon. Cineworld, which also owns the No. 2 U.S. chain Regal, took an even more drastic step, closing all its U.K. and U.S. locations for the next several weeks.

The situation is even more grim for B&B Theatres, the sixth-largest chain in the United States. The company warned that it was a few months away from bankruptcy if it doesn’t receive new content or government aid.

No. 1 U.S. chain AMC issued a similar warning last summer, then restructured its debt, cut a landmark revenue-sharing deal with NBCUniversal, and said it planned to issue 15 million new shares of stock. In response to the Cineworld closures, AMC said last week that it would keep theaters open and strive to open more, depending in part on potential revenues from that NBCU deal.

But the situation is ugly overall for the industry. Cineworld’s closure announcement came soon after MGM pushed back the

  • Chevron employees are being asked to reapply for positions as the oil giant restructures its global operations. 
  • Workers who are not chosen for new assignments will lose their jobs. The restructuring is expected to eliminate up to 15% of the company’s workforce. 
  • Chevron will cut 700 jobs in Houston starting October 23, according to a public filing. 
  • Do you have information about Chevron? Send tips to this reporter at [email protected] or through Signal/text at 1-646-768-1657.
  • For more stories like this, sign up here for our weekly energy newsletter.

(Reuters) – Chevron Corp employees worldwide are being asked to reapply for positions as part of a cost-cutting program expected to eliminate up to 15% of its workforce, people familiar with the matter said.

The No. 2 US oil producer has begun taking steps to streamline its organization this year to reduce costs and revive declining profits. Oil companies have posted huge losses on asset writedowns and slashed spending as economic downturns caused by the COVID-19 pandemic undercut fuel demand.

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Employees who are not chosen for jobs should know within weeks, chief executive Michael Wirth said in an interview on Monday. He did not discuss how cuts would be decided nor how many employees were asked to reapply for positions.

The company took a $1 billion charge to earnings earlier this year to cover severance pay for employees affected by the restructuring. Workers not chosen for new assignments would lose their jobs.

Do you have information about Chevron? Send tips to this reporter at [email protected] or through Signal/text at 1-646-768-1657.

Chevron’s takeover of Noble Energy will result in job cuts 

Chevron recently expanded its 45,000-person workforce by acquiring smaller oil and gas producer Noble Energy, which has about 2,200 workers.

One week after the club was shut out in their Wild Card Series loss to the Braves, longtime Cincinnati Reds executive Dick Williams has stepped down to pursue personal interests, the team announced. General manager Nick Krall will continue to serve in the same capacity, the club says. Williams reportedly informed the team he would step down after the season earlier this year.

“It is the right time for me to begin a transition, both professionally and personally. I have been affiliated with this organization in one way or another for most of my life, but I have been working here full-time for 15 years,” Williams said in a statement. “More than anything, I was so proud to represent this unbelievable city of ours. It was the honor of a lifetime to be a small part of assembling teams that went out and battled for these fans. My earliest memories are of being a fan of the Reds and of my father and grandfather being involved with the team and bringing that success. I always wanted to play a part in bringing that full circle.”

Williams, 50, has a family connection to the Reds that dates back a half-century. His grandfather, William Sr., and great uncle, James, were two local businessmen and part of the group that purchased the Reds from Bill DeWitt Sr. in 1966. They remained part of the ownership group until selling the team to Marge Schott in 1984. Williams joined the Reds full-time when the team was sold to Cincinnati businessman Bob Castellini in 2005.

Under Williams, the Reds overhauled their scouting and player development systems, and embraced analytics. He led them through their rebuild in the mid-to-late 2010s and was also a key figure in their aggressive pursuits of Cuban players like Aroldis Chapman and

(RTTNews) – General Electric (GE) disclosed in a regulatory filing on Tuesday that it received a “Wells notice” from the U.S. Securities and Exchange Commission staff, saying that it is considering recommending a civil action against the company for possible violations of the securities laws.

GE has been informed that the issues the SEC staff may recommend that the SEC pursue relate to the historical premium deficiency testing for GE Capital’s run-off insurance operations, as well as GE’s disclosures relating to such run-off insurance operations.

The staff has not made a preliminary decision whether to recommend any action with respect to the other matters under investigation, the GE said in the regulatory filing.

GE noted that the Wells notice is neither a formal allegation nor a finding of wrongdoing.

The Wells notice allows GE the opportunity to provide its perspective and to address the issues raised by the SEC staff before any decision is made by the SEC on whether to authorize the commencement of an enforcement proceeding.

GE said it disagrees with the SEC staff with respect to the recommendation and will provide a response through the Wells notice process. If the SEC were to authorize an action against GE, it could seek an injunction against future violations of provisions of the federal securities laws, the imposition of civil monetary penalties, and other relief within the Commission’s authority.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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Regal Cinemas parent company Cineworld announced on Oct. 5 that it would temporarily close its 536 US theaters as a result of the ongoing COVID-19 pandemic.


Photo by Victor J. Blue/Getty Images

The COVID-19 pandemic’s impact on the movie business is leading to the temporary closure of Regal’s 536 US theaters, the theater chain’s parent company Cineworld announced on Monday. 

“This is not a decision we made lightly, and we did everything in our power to support a safe and sustainable reopening in the U.S.– from putting in place robust health and safety measures at our theatres to joining our industry in making a collective commitment to the CinemaSafe protocols to reaching out to state and local officials to educate them on these initiatives,” Mooky Greidinger, CEO of Cineworld, said in a statement. 

“We are especially grateful for and proud of the hard work our employees put in to adapt our theatres to the new protocols and cannot underscore enough how difficult this decision was.”

The company attributed the decision to the closure of theaters in major markets like New York and the decision of studios to push off major new releases until next year. Recent postponements include Marvel Studios’ Black Widow being pushed to May 7, 2021, while this past Friday saw the next James Bond film, No Time to Die, getting delayed until next April

“Despite our work, positive feedback from our customers and the fact that there has been no evidence to date linking any COVID cases with cinemas, we have not been given a route to reopen in New York, although other indoor activities – like indoor dining, bowling and casinos were