Alamo Drafthouse, the independent theater chain known for its dining services, including movie-inspired specialty foods and drinks, has filed for bankruptcy. The Austin-based chain’s assets will be sold to private equity firm Altamont Cital Firms, a former backer of the company, and to affiliates of investment management firm Fortress Investment Group. diversity Reports. Tim League, Co-Founder and Executive Chairman of Alamo Drafthouse, is part of the buying group and will continue to have an interest in the company.
“We are excited to work with our partners at Altamont Cital Partners and Fortress Investment Group to continue this growth path on the other side of the pandemic, and we want to ensure the public that we expect no disruption to our business and no impact on franchise operations , Employees and customers at our locations who are currently operating, „said CEO Shelli Taylor in a statement.
The size of the Alamo Drafthouse – with assets estimated valued between $ 100 million and $ 500 millionand an equal amount of estimated liabilities – makes this one of the „highest profile victims of the pandemic”. per deadline. Coronavirus-related closings and capacity constraints have decimated parts of the entertainment industry, including cinemas. At the beginning of the pandemic, the Alamo Drafthouse closed its theaters and employees on leave;; Many of these vacation days became permanent Layoffs in July.
The first Alamo Drafthouse opened in Austin in 1997 and soon became a film freak’s haven. There will be premieres and Q&A, and a strict no-speak policy will apply to shows (with the exception of certain shows where talkback is recommended). Themed menu items included beef bulgogi pizza, which was inspired by Parasite and one Avengers: end game Burger,
Despite its popularity, the company has also been the focus of controversy as it has been repeatedly accused of „sexual harassment and abuse, racist attitudes toward customers, unsafe (and often illegal) work environments, and even stories of ticket sales that fall short to get them.” supplement Drafthouse’s own cash registers ” according to IndieWire.
As states continue to open up during the pandemic, the Alamo operations are expected to continue for the most part normally. Some of the chain’s 41 locations across the country will close as part of this restructuring process.