Alamo Drafthouse Emerges From Chapter 11 Bankruptcy, Plans New Theaters
Like a zombie's hand bursting through the grave, Alamo Drafthouse is back after filing for bankruptcy earlier this year.
The pandemic has been tough on just about everyone, but as far as businesses go, movie theaters suffered quite a bit, having to shut down all but entirely. After filing for bankruptcy earlier this year, theater chain Alamo Drafthouse is now emerging with plans to open new theaters, according to The Hollywood Reporter.
The independent theater chain filed for Chapter 11 bankruptcy earlier this year, a move that begins a reorganization process for a struggling business. The company sold assets to pre-existing investor Altamont Capital and newcomer to the chain, Fortress Investment Group, to keep the business afloat as theaters stayed closed, pushing studios to delay upcoming movies.
Thanks to new financing from the sale, Alamo Drafthouse is now looking to open a 14-screen theater in Manhattan alongside its planned Staten Island theater. The chain is also planning 9-screen theaters in Washington D.C. and Arlington, Virginia, as well as a theater in St. Louis, Missouri. Meanwhile, two Texas theaters and one in Kansas City, Missouri will close; the chain is also ceasing development of a planned Orlando, Florida location.
"We're so thrilled to be reopening theaters across the country and welcoming back audiences for an unparalleled moviegoing experience with films we’ve been eagerly awaiting for over a year now," said Alamo Drafthouse CEO Shelli Taylor in an official statement. The Wrap notes that Alamo founder Tim League and some of the other original investors are listed among minority partners for the organization following the restructure.
The Austin, Texas chain currently has 41 theaters in operation.
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