Pacific Theatres Seeks Chapter 7 Individual bankruptcy Security
Pacific Theatres, which owns the motion picture theater chain Arclight Cinemas, introduced Friday that it
Pacific Theatres, which owns the motion picture theater chain Arclight Cinemas, introduced Friday that it is submitting for Chapter 7 bankruptcy.
“Having taken methods to wind down the enterprise, the business right now is trying to get safety below Chapter 7 of the Individual bankruptcy Code in get to liquidate its remaining property for the advantage of its creditors,” the chain reported in a assertion.
Read the total statement below:
Right after a year of the pandemic’s devastating impact, Pacific Theatres Exhibition Corporation announced in April that it would not reopen its ArcLight Cinemas and Pacific Theatres spots. Getting taken methods to wind down the small business, the business currently is looking for defense less than Chapter 7 of the Personal bankruptcy Code in purchase to liquidate its remaining belongings for the gain of its lenders.
We are deeply grateful to our staff members, our attendees, and the movie group for coming with each other around the previous many years to create so quite a few fantastic moviegoing ordeals. We are overcome by the remarkable outpouring of recollections. Thank you for sharing these with us.
We will skip you all.
Pacific Theatres operated about 300 screens in California, such as 7 Arclight Cinemas locations. Arclight also operated areas in Boston, Chicago and Bethesda, Maryland.
In Los Angeles, Arclight was best regarded for its flagship Hollywood place on Sunset Boulevard, which incorporated the historic Cinerama Dome. Created in 1963, the Cinerama Dome was the 1st new significant theater built in Los Angeles in in excess of 30 yrs and opened with the globe premiere of the Stanley Kramer comedy “It’s a Mad, Mad, Mad, Mad Earth.”
Before this 7 days, TheWrap described that AMC Theatres it is in closing talks to acquire over functions of two cinemas in Los Angeles when owned by Pacific Theatres, the Grove and Americana.
The offer would be a normal healthy as L.A. billionaire Rick Caruso — whose authentic estate business, Caruso Affiliated, operates the two high-finish buying complexes — told reporters in April that his firm meant to locate a new operator for the theatres as speedily as attainable immediately after Pacific and premium sister organization ArcLight Cinemas announced that they would not reopen their places. Though ArcLight offered a luxurious expertise with a aim on arthouse and status fare, Pacific served as a extra standard chain, screening large releases, which would enable AMC to consider more than operations at the Grove and Americana with a easy changeover.
Pamela Chelin contributed to this report.