Cinema Chain Alamo Drafthouse Files For Chapter 11
The popular chain will still be able to soldier on and remain in business.
The Alamo Drafthouse Cinema, a popular cinema chain headquartered in Austin, Texas, has filed for Chapter 11. According to , the chain, which also has locations in states including New York, Virginia, and California, has a deal in place to sell its assets to Altamont Capital and Fortress Investment Group--which will allow Alamo to restructure its business and try to weather the storm of the coronavirus's impact on its business.
"The transaction will provide the company with much-needed incremental financing to stabilize the business during the pandemic, which has had an unprecedented and outsized impact upon the movie theater and dining industries," a statement from the company said (via the ). "More importantly, it will position Alamo Drafthouse to return to growth and continue executing on its long-term strategic vision."
Still, The Alamo is optimistic. "Because of the increase in vaccination availability, a very exciting slate of new releases, and pent-up audience demand, we're extremely confident that by the end of 2021, the cinema industry--and our theaters specifically--will be thriving," said Alamo Drafthouse co-founder Tim League. Take a look at for a sense of what, maybe, just maybe, we will all be able to see in theaters later this year.
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