Reprinted from Deadline Hollywood by Jill Goldsmith on October 27, 2020.
Studio Movie Grill, the in-theater dining chain with seven California locations has filed for bankruptcy, one of the first leading exhibitors to officially buckle under pandemic-related financial stress.
The Dallas-based company filed for Chapter 11 in US Bankruptcy Court for the Northern District of Texas. It will continue to operate but reorganize with the protections allowed to renegotiate with lenders, landlords and creditors.
According to court documents, the privately-held 33-theater circuit founded in 1993 by CEO Brian Schultz had estimated assets of $50-$100 million and estimated liabilities of $100-$500 million. …