Pacific Theatres Files for Chapter 7 Bankruptcy

Pacific Theatres Exhibition Corporation, which includes ArcLight Cinemas, announced they are filing for bankruptcy under Chapter 7 in order to liquidate their assets for the benefit of creditors.

The assets are said to include equipment, seats, projectors and popcorn machines. In April, the company announced that their 17 Pacific Theatres and ArcLight Cinemas locations, including the iconic Cinerama Dome, would permanently close.

“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,” Pacific Theatres said in a statement. “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 statement continues, “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.”

On Tuesday, Variety reported that AMC is close to taking over the Pacific Theatres locations at The Grove in the Fairfax neighborhood and The Americana at Brand in Glendale. Ticketing websites showed two new theater locations in the city — “AMC The Americana 18” and “AMC The Grove 14” — but those locations were later erased from the AMC app and website.

Many are hopeful that the Hollywood ArcLight and Cinerama Dome will eventually reopen, with over 25,000 signatories on a Change.org campaign to “save” the historic theater.

Source