On Wednesday, the day-in cinema series Alamo Drafshot applied for bankruptcy after being hit by the COVID-19 pandemic.
The Texas-based company said it planned to restructure itself after experiencing a “liquidity crisis” last year as Coronovirus shut down 18 of its corporate-owned movie theaters, including cottage seats and food and beverage. A menu is included.
The restructuring will reportedly sell Almo its assets to a group of lenders, including current investor Altamont Capital Partners, an affiliate of Fortress Investment Group and company founder Tim Leigh.
The Alamo plans to keep most of its theaters open after emerging from bankruptcy, although it will close three underperforming locations in Texas and Kansas City and restructure its leases. According to reports. The series also has 23 franchise cinemas in addition to company-owned sites.
“Due to the increased availability of vaccination, a very exciting slate of new releases, and audience demand, we are very confident that by the end of 2021, the cinema industry – and our theaters will be particularly thriving -” the league noted A. said in Confessions for News Outlets
.
Just the latest sign of Almo’s bankruptcy, the COVID-19 crisis has damaged film exhibitors around the world.
AMC, the world’s largest cinema operator, avoided bankruptcy this year after heavy losses with rival Cinemark.
The Alamo – which calls itself North America’s largest privately held movie theater business – overtook its peers in 2019 and started in a strong position before COVID-19 last year, which led to its fillings in Delaware Accordingly forced to close its theaters by the end of March. Bankruptcy court.
“As the national and local effects of the COVID-19 pandemic, revenue growth became impossible, and the company’s liquidity became critical by summer 2020,” Chief Financial Officer Matthew Vonderrae said in a court announcement.
VandeHare said Almo received some help from its $ 10 million paycheck protection program loan and its Mondeo merchandise business, but its six corporate theaters have only reopened at 50 percent capacity.
Almo is known for enforcing a “zero-tolerance” policy against talking and cellphone use during screenings in his dinner and viewing theaters. “We will kill you, promise you,” The series says On its website “We’ve Got Backup.”
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