CGV Suspends Operations at Myeong Cine, Deungchon, Yeonsu Station, and Others

"Measures to Overcome Management Difficulties"

Due to the spread of the novel coronavirus infection (COVID-19), social distancing level 2.5 is in effect, and on the 8th, Seoul CGV Yongsan I'Park Mall is quiet. Photo by Mun Ho-nam munonam@

On the 22nd, CGV announced that it will suspend operations at seven locations, including Daehakro, Myeongdong Station Cine Library, Deungchon, Yeonsu Station, Hongseong, Daegu Academy, and Gwangju Geumnam-ro, starting from the 26th. A representative explained, "We are reluctantly stopping operations at some theaters to overcome the financial difficulties caused by the prolonged COVID-19 pandemic." CGV had previously warned of this situation on the 19th. They plan to reduce about 30% of their directly managed stores over the next three years. At that time, the representative said, "The film industry has been pushed to the brink of collapse," and added, "We will implement changes across operations, including rent reductions, screening room cuts, flexible operation systems, and reviewing inefficient businesses to break away from the high fixed cost structure." This is an effort to prevent losses that increase the more they operate. CGV has already suspended operations at the Incheon Airport branch since the 1st of last month. Additionally, from the 26th, ticket prices will increase by 1,000 to 2,000 won.