San Francisco loses one more substantial downtown company as city’s difficulties mount

Cinemark Holdings, Inc. is shuttering its downtown San Francisco theater, starting to be the newest important agency to superior-tail it out of the troubled California metropolis.

“Cinemark can ensure it has made the decision to forever near the Century San Francisco Centre 9 and XD theater shortly in advance of the conclusion of its lease expression following a detailed critique of local company situations,” a spokesperson for the firm explained to FOX Company in a statement.

Basic watch of the Westfield Century Theatres in San Francisco, California on Wednesday, June 14, 2023.  (Flightrisk for Fox News Digital / Fox News)

Ticker Security Last Alter Alter %
CNK CINEMARK HOLDINGS INC. 16.42 -.62 -3.64%

The theater is situated in the Westfield San Francisco Centre, whose proprietor, searching heart huge Westfield, introduced Monday it would be handing the property back to a bank due to “the complicated working disorders in downtown San Francisco.”

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The shopping mall stays operational amid the lookup for a new buyer, but Westfield stated prior to Cinemark’s announcement the home would only be 55% leased when Nordstrom packs up from the locale at the end of August as section of the large-conclusion retailer’s new conclusion to near the two its downtown San Francisco locations because of to the “dynamics” of the place. 

Front of Westfield's San Francisco Centre

Buyers go away the Westfield San Francisco Centre in San Francisco on April 13, 2022. Westfield announced this week it is handing the property back to a bank, citing “demanding operating circumstances in downtown San Francisco.” (Justin Sullivan/Getty Photos / Getty Pictures)

Westfield’s other qualities are 93% leased, on common.

Westfield’s determination arrived times soon after big hotelier Park Motels & Resorts declared it had stopped building payments on a $725 million bank loan for its Hilton San Francisco Union Square and Parc 55 San Francisco attributes, pointing to a number of “major worries” in the town.


The stream of departures will come amid a escalating exodus of stores fleeing downtown San Francisco for a variety of causes as the city continues to battle with retail theft, homelessness and a raging drug crisis.

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A homeless encampment together Willow Street in the Tenderloin district of downtown San Francisco is observed on Feb. 24, 2022. A stream of significant enterprises have announced they are leaving San Francisco’s downtown region as the town grapples with crime. (Gary Coronado/Los Angeles Instances by using Getty Illustrations or photos / Getty Images)

Next Westfield’s announcement, San Francisco Republican Occasion Chairman John Dennis blamed progressive insurance policies for jogging corporations out of city, telling FOX Company that San Francisco is “the worst managed metropolis in America.”

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But California Democratic Rep. Ro Khanna informed FOX Business’ “Cavuto: Coast to Coast” on Tuesday that despite criminal offense challenges, the claims of a “mass exodus” of organizations from San Francisco are not accurate, and the main tech hub is flourishing.