San Francisco Loses Another Massive Downtown Business as City's Troubles Grow

Cinemark Holdings, Inc. is closing its downtown San Francisco theater, making it the most recent significant company to withdraw from the challenging city environment in California.

"Cinemark can confirm it has decided to permanently close the Century San Francisco Centre 9 and XD theater shortly before the conclusion of its lease term following a comprehensive review of local business conditions," a spokesperson for the company told FOX Business in a statement.

The theater, situated in the Westfield San Francisco Centre, has been affected by recent developments. On Monday, the owner of the shopping complex, the commercial behemoth Westfield, declared its intentions to return the property to a bank. This decision was prompted by the difficult business climate prevalent in downtown San Francisco.

Despite the ongoing search for a new purchaser, the mall continues to function. However, before Cinemark made its announcement, Westfield indicated that only 55% of the property would remain occupied once Nordstrom vacates the premises at the end of August. This is a result of the upscale retailer's recent resolution to shut down both of its downtown San Francisco outlets, a decision driven by the changing conditions in the local area.

On average, Westfield's other assets maintain a 93% occupancy rate.

Westfield's announcement followed closely on the heels of a significant revelation by Park Hotels & Resorts. The prominent hotel operator recently disclosed that it had ceased payments on a $725 million loan for its Hilton San Francisco Union Square and Parc 55 San Francisco properties, attributing this move to various "significant difficulties" encountered within the city.

The wave of exits coincides with an increasing number of retailers leaving downtown San Francisco due to a variety of challenges. The city continues to grapple with issues of retail theft, homelessness, and a severe drug crisis.

After Westfield made its announcement, John Dennis, Chairman of the San Francisco Republican Party, laid blame on progressive policies for driving businesses away from the city. In a statement to FOX Business, he described San Francisco as "the most poorly managed city in America."

However, Ro Khanna, a Democratic Representative from California, refuted these claims during a Tuesday appearance on FOX Business' "Cavuto: Coast to Coast." Despite acknowledging the city's crime issues, he insisted that the assertion of a "mass exodus" of businesses from San Francisco was incorrect. He maintained that the city, a major hub for tech companies, continues to thrive.

Trending Political News

Another Chain Restaurant Flees Portland as Crime Continues to Rise

Cracker Barrel won't be able to assist you in finding a wooden rocking chair in the Portland, Oregon region as the national breakfast and cornbread chain recently announced the closure of its stores due to economic factors.

The city of Portland has been experiencing a decline that has been acknowledged even by the Los Angeles Times. Other businesses like Walmart, Applebees, and Starbucks are also either closing down or have plans to do so soon.

Continue reading...

Reporter Corrects White House Press Secretary Directly to Her Face

During a press briefing at the White House, a reporter corrected the White House Press Secretary, Karine Jean-Pierre, regarding the facts of a school shooting that occurred in Nashville, Tennessee, doing so directly in front of her.
Continue reading...

New Email Scam Targeting Apple and Facebook Users: Here's How to Prevent Them

There are currently two email phishing scams targeting Facebook and Apple product users, with indications that scammers are attempting to obtain personal and private information. In order to prevent such scams, here are the measures you can take.

Continue reading...

'Dances With Wolves' Star Arrested For Allegedly Running Sex Cult

An actor from the 1990 film "Dances With Wolves" was arrested by Las Vegas police on Tuesday for reportedly operating a sexual cult.

Nathan Chasing Horse, also known as Nathan Lee Chasing His Horse, was apprehended following a SWAT operation at his residence in North Las Vegas, as reported by the New York Post. It is stated that Chasing Horse resided in the home with five wives, one of whom was reportedly gifted to him at the age of 15 and another who became his wife after she turned 16.

Continue reading...

Disney Faces Serious Backlash After Releasing 'Anti-White' Cartoon

The reboot of Disney's "The Proud Family: Louder and Prouder" is facing intense criticism over a controversial rap that features children singing about slavery and reparations. The lyrics of the rap argue that America has not done enough to atone for its history of prejudice, racism, and White supremacy and therefore owes Black Americans.

Continue reading...

Even Pro Sports Teams Are Leaving California

It appears that even the Oakland Athletics are part of the wave of Californians leaving the state in search of a better life.

According to ESPN, on Thursday, the Oakland Athletics, one of MLB's most legendary franchises, revealed that they had acquired land in Las Vegas, Nevada, after an unsuccessful quest to find land for a new stadium in Oakland. The A's will now construct a colossal $1.5 billion, 35,000-seat stadium in Sin City for the team.

Continue reading...