PVR Cinemas has a shock during the lockdown period

PVR Cinemas owns a chain of 870 screens across the country and is the largest multiplex chain in the country. PVR is badly hit due to the lockdown and it informed all the landlords and the malls that they would not be paying the rents of the multiplexes during the lockdown period. PVR Cinemas reminded the landlords about the ‘force majeure’ clause in the signed rental contract. The shopping malls and multiplexes across the country are shut from the past two weeks and the lockdown will continue for the next two weeks.

PVR has no own screens and all of them are operated on a rental basis. States like Telangana ordered the closure of malls and multiplexes much in advance. PVR claims that they are losing big because of the crisis and they would not be able to pay the rents during this tough time. The single screens across AP and Telangana too are badly hit due to the crisis. It is unclear as of now if the other multiplex chains too follow the same or if they step ahead to pay the rents during this crisis.