Alamo Drafthouse Files for Chapter 11 But Hopes to Continue Operations
They show the best movies; they have the most comfortable seats; their food is to die for. Still, even a fan-favorite theater chain is struggling to survive in the era of COVID-19. Today, we got word that Alamo Drafhouse has filed for bankruptcy.
According to Variety:
The company says that operations will continue as normal and the Chapter 11 process and sale will give it the capital it needs to continue operating as it emerges from a public health crisis that left many of its locations closed for months. As part of the bankruptcy, Alamo Drafthouse will close down a few underperforming locations and restructure its lease obligations.
Based in Texas with approximately 40 locations nationwide, Alamo Drafthouse is operated by founder and executive chairman Tim League.
In a statement, Drafthouse CEO Shelli Taylor says:
“Alamo Drafthouse had one of its most successful years in the company’s history in 2019 with the launch of its first Los Angeles theater and box office revenue that outperformed the rest of the industry. We want to ensure the public that we expect no disruption to our business and no impact on franchise operations, employees and customers in our locations that are currently operating.”
Here’s hoping Alamo Drafthouse can successfully navigate these dire straights.
Are you a fan of Alamo Drafthouse? Let us know in the comments below or on Facebook, Twitter, or Instagram! You can also carry on the convo with me personally on Twitter @josh_millican.
Categorized:News
