Romanian cinema chain Happy Cinema plans to open two more locations shortly and take over other cinema operators, despite the adverse conditions in this sector.

Happy Cinema Slobozia and another cinema in Bucharest's Colosseum Mall will open by the end of the year, Profit.ro reported.

Separately, the chain ponders expansion by the takeover of smaller players on the market.

Happy Cinema is the second-biggest country-wide chain of cineplexes, 100% owned by Romanian investors. It currently operates in Bucharest, Bacău, Buzău, Bistrița, Focșani, and Alexandria, in malls and strip malls.

It reopened its units immediately after the cinema halls were allowed to operate, on September 1.

But the revenues in the first month after opening were some 65% lower than those in the pre-pandemic period. Happy Cinema has obtained bank financing through the Government-backed IMM Invest program, for both working capital and investments. It will also apply for non-reimbursable grants for working capital and investments.

The cinema activity will be supported financially by sales of tangible assets owned by the company, by developing other fields and diversifying its business portfolio.

(Photo: Scaliger/ Dreamstime)

andrei@romania-insider.com