Pacific Winnetka Theater To Liquidate Assets
CHATSWORTH, CA – Pacific Theaters Exhibition Corporation, owner of the Pacific Winnetka 12 Theater in Chatsworth, announced Thursday that it is filing for Chapter 7 bankruptcy to liquidate creditors’ assets.
This includes all equipment, seating, projectors, and popcorn machines for all ArcLight and Pacific locations except ArcLight Hollywood and the Cinerama Dome. The Decurion Corporation, the parent company of Pacific Theaters, has asked to retain the trademark rights to the Hollywood location, which some see as a sign that it intends to reopen the location. Thousands of people came together to save the iconic theater, and a change.org campaign to save the Cinerama has collected nearly 26,000 signatures.
But most of the company’s 15 sites are likely to close, in large part because of the challenges of the pandemic. “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,” Pacific Theaters said in its statement. “Having taken 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, our 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. Thank you for sharing them with us. We will all miss you. “
Variety, Deadline and other outlets have reported that AMC negotiates an agreement to take over the multiplex leases from Pacific to The Grove to Fairfax and The Americana to Glendale. It is still unclear which organizations are turning to the Sherman Oaks Galleria Theater, one of the ten highest grossing theaters in the United States.