Reprinted from Deadline Hollywood by Anthony D’Alessandro on June 16, 2021.
Pacific Theatres Exhibition Corporation, which includes Arclight Cinemas, is really not set to reopen anytime soon. The exhibition company released a statement on Wednesday that they’re filing Chapter 7 in order to liquidate their assets for creditors.
[Deadline Hollywood] hears that “the assets” which this bankruptcy pertains is the equipment, seats, projectors, and popcorn machines as the all the Arclight and Pacific locations, except for the Arclight Hollywood and Cinerama Dome which is owned by a different company. Also include in the filing is the Winnetka Pacific Theatres location in Chatsworth, California which Pacific owns.
As [Deadline Hollywood] previously reported, AMC is closing on a deal to take on the leases of Pacific’s multiplexes at The Grove in Los Angeles and The Americana in Glendale, California; both Caruso owned properties. Movie theater showtime sites began listing AMC Grove and AMC Americana earlier this week; those were promptly pulled down with Caruso and AMC providing no statement as to what occurred. Still no word who is getting the other leases, in particular the Sherman Oaks, which is typically one of the top-ten grossing cinemas in the United States. AMC CEO Adam Aron said publicly that he was making a go at the Arclight properties, but we’ve heard others are in the mix, i.e. Cinemark, Cinepolis. …