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The world's second biggest movie theater chain is in trouble

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2 women sitting on blue leather chair holding white and red plastic cups

Felipe Bustillo

 

London (CNN Business)The owner of Regal Cinemas is having a tough time its stock crashed as much as 80% Friday after reports that its parent company is preparing to file for bankruptcy.

British company Cineworld Group has spoken to lawyers at Kirkland & Ellis LLP to advise on the bankruptcy process in the United States and United Kingdom, according to a report by the Wall Street Journal.
 
The stock has recovered slightly, but is still 60% below its price at the start of Friday trading.
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