Pacific Theatres Files For Chapter 7 Bankruptcy – The Hollywood Reporter
The impact of the pandemic is preventing Pacific Theaters Exhibition Corporation from opening the doors to its ArcLight Cinemas and Pacific Theaters locations.
The exhibitor in difficulty, present at the 16 sites, has instead filed for Chapter 7 bankruptcy in order to liquidate its remaining assets for its creditors, the company announced on Friday. “We are deeply grateful to our employees, guests and the film community for coming together over the past decades to create so many wonderful film experiences,” Pacific Theaters Exhibition said in a statement.
Parent Decurion Corp. closed Pacific Theaters permanently in April, along with sister chain ArcLight Cinemas. In its Chapter 7 bankruptcy filing, Pacific Theaters indicated that it had approximately $ 69.08 million in liabilities.
“We are overwhelmed by the extraordinary outpouring of memories. Thanks for sharing this with us. We will all miss you, ”the company added. Rival exhibitors like AMC, Cinemark and Marcus Theaters are expected to kick the tires at Pacific Theaters to see if they can pick up additional theaters.
The Chapter 7 bankruptcy filing is not expected to impact a prior agreement allowing AMC to assume the leases and operations of The Grove from Pacific Theaters in Los Angeles and The Americana to Glendale. The two outdoor shopping centers are owned by Rick J. Caruso and his company Caruso Affiliated.
There is also speculation that Decurion Corp. could reopen the highly prized Cinerama Dome Hollywood because it owns the land it sits on.
Arclight and Pacific Theaters had operated more than 300 screens in California, including the coveted Cinerama Dome in Hollywood, before facing the impact of the pandemic and theater closures last year. ArcLight’s stable includes the Cinerama Dome Hollywood.
The Dome, built in 1963 by the Decurion Corp. is the crown jewel of the small theater complex which was rebuilt in the early 2000s. Over the decades, the Dome in particular has been a favorite site for hosting premieres – it has scheduled its opening for the global launch of It’s a crazy, crazy, crazy, crazy world – and is loved by many moviegoers.
In recent years, the ArcLight Hollywood complex has been a stronghold for first-run movies and independent titles, and was among the first theaters in LA to offer upscale cuisine. ArcLight locations in Hollywood and elsewhere, including Sherman Oaks, were operated by Pacific Theaters.
The Pacific side of the aisle includes places as popular as The Grove in West Hollywood. Outside of California, there are Arclight Cinemas in Maryland, Boston and Chicago, and Bethesda Maryland.