Pacific Theatres, which owns the movie theater chain Arclight Cinemas, announced Friday that it’s filing for Chapter 7 bankruptcy.
“Having taken steps to wind down the business, the company today is seeking protection under Chapter 7 of the Bankruptcy Code in order to liquidate its remaining assets for the benefit of its creditors,” the chain said in a statement.
Read the full statement below:
After a year of the pandemic’s devastating effect, Pacific Theatres Exhibition Corporation announced in April that it would not reopen its ArcLight Cinemas and Pacific Theatres locations. Having taken steps to wind down the business, the company today is seeking protection under Chapter 7 of the Bankruptcy Code in order to liquidate its remaining assets for the benefit of its creditors.
We are deeply grateful to our employees, our guests, and the film community for coming together over the past decades to create so many wonderful moviegoing experiences. We are overwhelmed by the extraordinary outpouring of memories. Thank you for sharing these with us.
We will miss you all.
Pacific Theatres operated approximately 300 screens in California, including seven Arclight Cinemas locations. Arclight also operated locations in Boston, Chicago and Bethesda, Maryland.
In Los Angeles, Arclight was best known for its flagship Hollywood location on Sunset Boulevard, which included the historic Cinerama Dome. Built in 1963, the Cinerama Dome was the first new major theater built in Los Angeles in over 30 years and opened with the world premiere of the Stanley Kramer comedy “It’s a Mad, Mad, Mad, Mad World.”
Earlier this week, TheWrap reported that AMC Theatres it is in final talks to take over operations of two cinemas in Los Angeles once owned by Pacific Theatres, the Grove and Americana.
The deal would be a natural fit as L.A. billionaire Rick Caruso — whose real estate firm, Caruso Affiliated, runs the two high-end shopping complexes — told reporters in April that his company intended to find a new operator for the theatres as quickly as possible after Pacific and premium sister company ArcLight Cinemas announced that they would not reopen their locations. While ArcLight provided a luxury experience with a focus on arthouse and prestige fare, Pacific served as a more traditional chain, screening wide releases, which would allow AMC to take over operations at the Grove and Americana with a smooth transition.
Pamela Chelin contributed to this report.
Read original story Pacific Theatres Seeks Chapter 7 Bankruptcy Protection At TheWrap