Press reports
Regal Cinema exits bankruptcy
The owner of Regal cinemas announced in the past week that it had emerged from Chapter 11 bankruptcy after slashing billions off its debts.In our market, the company closed their Sequoia Mall theater in late May after court approval while the Downtown Visalia complex remains open.
Cineworld, the world’s second largest theater chain behind AMC (AMC), filed for bankruptcy protection last September after a punishing two years during the pandemic. Its cinemas had continued to operate while it restructured its finances.
The group said in a statement that it had cut its debt by $4.53 billion, raised $800 million in new equity capital and secured debt financing of $1.71 billion.
Sequoia Mall developer Dave Paynter says there are no immediate plans to build a new theater at the mall -undergoing transformation now. But he adds”we are still talking to theaters ” about coming to the project.
More micro breweries for Visalia
Cali Brewery wants to open a 4000sf tap room and brewery at warehouse buildings on Tulare and Santa Fe in the old olive plant building in Visalia. The filed preliminary plans with the city.
Also, Christian Carter wants to open Salty Walrus Brewery and taproom at 2415 E Valley Oks Dr in east Visalia.
Visalia one of 10 cheapest places in California
GOBankingRates list Visalia among the 10 low wets priced places to live inCalifornia.Visalia is a Central Californian city that sits along Highway 99, along with many others on this list. The city of 145,000 provides all of the amenities of a larger city while maintaining some of its “smaller town” vibe.
Overall, costs run 2.3% above the national average, with home prices coming in at $369,103 and condos priced at $261,543 on average.
Better earnings for Amazon
Internet powerhouse Amazon, with two large distribution centers in Visalia, announced better earrings in the past week.WSJ reports “An e-commerce rebound could be forming at the sector’s top seller. Amazon posted its strongest quarterly profit in a year and a half, partly on improving online retail sales that drove an 11% hike in revenue to $134.2 billion.”
Fewer fires this year
As of early August 2023 24,229 acres had burned in California since Jan. 1, according to the National Interagency Fire Center. That’s 82% less than the state’s 10-year average and is the lowest of any year since 1998.
Only four structures have burned statewide in wildfires so far this year and there have been no fatalities, reports Cal Fire, the state’s main firefighting agency. By comparison, one fire in July 2018, the Carr Fire near Redding, destroyed 1,614 structures and killed eight people, including three firefighters.
The reason for the state’s good fortune now, experts say, is water. Lots of it.
“I was in the mountains this past week,” said Scott Stephens, a professor of wildland fire science at UC Berkeley. “Things are green. Streams are flowing. It’s still wet.”