AUSTIN (KXAN) – Alamo Drafthouse, the well-known Austin-based restaurant and theater chain, has filed for chapter and introduced a sale, in line with a new report from Selection. The Chapter 11 chapter submitting will permit Alamo Drafthouse to boost the funds it must proceed working amid the lengthy pandemic.
Selection additionally stories that as a part of this chapter, Alamo Drafthouse “will shut a couple of underperforming websites”. No phrase but on which theaters might shut.
Alamo Drafthouse has 41 theaters in 10 states, together with six in Austin. Solely three of those theaters are at the moment open and every has a lowered variety of film choices.
Founder Tim League will stay concerned with the enterprise, Selection stories. It’s a part of the group of lenders who purchase the property.
Assertion from CEO Shelli Taylor:
Alamo Drafthouse had certainly one of its most profitable years in firm historical past in 2019 with the launch of its first movie and field workplace gross sales in Los Angeles that surpassed the remainder of the l ‘business. We’re delighted to be working with our companions at Altamont Capital Companions and Fortress Funding Group to proceed on this development path on the opposite facet of the pandemic, and we need to guarantee the general public that we don’t anticipate any disruption to our enterprise and no affect. on franchise operations, workers and clients of our websites which are at the moment in operation. “