Alamo Drafthouse Files for Bankruptcy, Theater Chain s Fate Remains Uncertain
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Alamo Drafthouse Files for Bankruptcy, Theater Chain s Fate Remains Uncertain
Popular movie theater chain Alamo Drafthouse has filed for Chapter 11 Bankruptcy with several locations set to close.
The movie business has just suffered another setback. Popular theater chain Alamo Drafthouse has officially filed for bankruptcy. The Chapter 11 filing comes after a difficult year in which most movie theaters around the country were shut down for months, with business only trickling back in once they did reopen. With that, the Texas-based chain had to take drastic measures to survive.
Altamont Capital Partners has made a purchase agreement and will buy the company. The bankruptcy filing was part of the agreement. Altamont had been a previous investor in the Drafthouse, which is known for providing dining and unique experiences beyond what a typical movie theater is known for. Fortress Investment Group i
Which Alamo Drafthouse cinemas are closing? Bankrupt locations explored
Alamo Drafthouse, the American cinema chain was founded back in 1997 in Austin Texas, has filed for bankruptcy and Chapter 11.
The chain has 41 locations across the United States, with 21 of them being in Texas. In a recent statement, Alamo announced that several of their locations would not be reopening, including one of the Austin Texas location, The Ritz.
Fans and regular cinema goers have taken to Twitter to discuss the sad news of the closures, but luckily not all the locations will be closing.
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