[ad_1]
AMC Entertainment, the world’s largest movie theater chain, is taking over former Pacific Theaters locations at the Americana at Brand in Glendale and the Grove Mall, the company said on Monday.
Los Angeles-area cinemas are the latest places to change hands after ArcLight Cinemas and Pacific Theaters said in April that the channels would not reopen, due to the COVID-19 pandemic that has kept local operators shut. for over a year.
AMC said it plans to reopen both sites in the coming weeks but did not give specific dates. The leases extend AMC’s footprint in Southern California by giving it two locations that in recent years have ranked among the most profitable theaters in the Los Angeles area.
Financial terms were not disclosed.
“AMC is proud to expand into the film capital of the world,” AMC CEO Adam Aron said in a statement.
The case was expected.
Last month, in an apparent snafu, the Pacific theaters at the two shopping complexes owned by Rick Caruso were briefly listed as AMC locations on the biggest exhibitor’s app and ticketing website. The theaters were then removed from the site.
The transaction follows Regal’s announcement last month that it would move in and renovate the former ArcLight space at the Sherman Oaks Galleria.
ArcLight and Pacific’s parent company filed for Chapter 7 bankruptcy to liquidate the remaining assets.
It is still unclear what will happen to the company’s flagship Hollywood location ArcLight and the historic Cinerama Dome on Sunset Boulevard, which were not part of the bankruptcy filing.
Movie attendance faces stiff competition from streaming, a trend that accelerated during the public health crisis. Nonetheless, developers such as Caruso have sought to fill leases left by vacant theaters as they still anchor malls.
Movie theater attendance stagnated before the pandemic, but multiplexes have long been the primary drivers of foot traffic to malls and malls that now rival ascendant online retail giants such as Amazon.
[ad_2]
Source link