Pacific Theatres Seeks Chapter 7 Bankruptcy Protection
Pacific Theaters, owner of movie theater chain Arclight Cinemas, announced Friday that it is filing for Chapter 7 bankruptcy.
“After taking steps to shut down its business, the company is now seeking Chapter 7 protection of the Bankruptcy Code in order to liquidate its remaining assets for the benefit of its creditors,” the channel said in a statement.
Read the full statement below:
After a year of devastating impact from the pandemic, Pacific Theaters Exhibition Corporation announced in April that it would not be reopening its ArcLight Cinemas and Pacific Theaters locations. After taking steps to liquidate the business, the company is now seeking Chapter 7 protection of the Bankruptcy Code in order to liquidate its remaining assets for the benefit of its creditors.
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. We are overwhelmed by the extraordinary outpouring of memories. Thanks for sharing this with us.
We will all miss you.
Pacific Theaters operated approximately 300 screens in California, including seven Arclight Cinemas locations. Arclight also operated sites 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 large theater built in Los Angeles in over 30 years and opened with the world premiere of Stanley Kramer’s comedy “It’s a Mad, Mad, Mad World, crazy”.
Earlier this week, TheWrap announced that AMC Theaters was in final talks to take over the operations of two theaters in Los Angeles that were once owned by Pacific Theaters, the Grove and Americana.
The deal would fit naturally as Los Angeles billionaire Rick Caruso – whose real estate company, Caruso Affiliated, manages the two high-end shopping complexes – told reporters in April that his company intends to find a new operator. to theaters as quickly as possible. after Pacific and premium sister company ArcLight Cinemas announced that they would not be reopening their locations. While ArcLight offered a luxury experience with an emphasis on arthouse and premium rates, Pacific served as a more traditional channel, showing wide releases, which would allow AMC to resume operations at The Grove and to the Americana with a smooth transition.
Pamela Chelin contributed to this report.