The cinema network declares BANKRUPTCY

Due to the coronavirus pandemic, the year 2020 has been a financial disaster for the film industry, as several theaters have been closed or suffered from delays in the premiere of the headlines.

And this wear will still bring some reflexes throughout 2021.

According to Variety, the Alamo Drafthouse movie chain has declared bankruptcy due to a lack of customers at its 40 units across the United States, primarily in Texas, where its headquarters are located.

Still, the company is making deals with new investors with the aim of making its services always available to the public.

As part of the deal, theaters with the lowest monthly performance will be closed to make room for further investment.

The process filed by the US bankruptcy court still guarantees 75 days for the transition and will allow founder, Tim League, to remain the owner of the company, since he himself is part of the group of beneficiaries who bought shares of the company. ‘Alamo. .

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In a statement, Shelli Taylor, president of the company, said:

“Alamo Drafthouse had one of its most successful years in 2019, when we launched our first office in Los Angeles, which guaranteed us a box office that surpassed all other channels in the industry. We are delighted to be working with our partners and investors at Altamont Capital Partners and Fortress Investment Group to continue on this growth path once the pandemic is over.

She continued:

“And we want to assure the public that we do not anticipate any disruptions to our business or impacts on franchise operations, employee work and customer experience at our sites which are still functioning normally.”

While many theaters are still closed, several theaters will reopen in New York City from March 5.

According to JoBlo, Governor Andrew Cuomo has ensured that administrators at several establishments take all security measures in partnership with the authorities.

In part of the statement he says that:

“New York theaters will be aligned with the rest of the state: 25% capacity; no more than 50 people per session; masks; designated seats; social distancing; team to control occupancy, no food during sessions. The premises must comply with improved standards for air filtration, ventilation and purification specified by the Ministry of Health. “

Along with Los Angeles, New York is one of the largest film markets in the world and is a great sign for studios and distributors.

So much so that many studios have only postponed their big screen debuts because both regions were locked in for most of last year.

The two areas represent the two largest box office markets in the United States and without them the films do not have much of a chance of financial success, proof of this is the modest number of “Tenets” and ” Wonder Woman ”.

The first raised $ 363.7 million over four months, on a budget of $ 200 million.

The sequel with Gal Gadot was budgeted at the same amount and only grossed $ 159.4 million, making it the latest failure among DC Comics adaptations.

Unfortunately, there are still no forecasts for the reopening of theaters in Los Angeles, but cases of the disease are dropping considerably … The activities could therefore sooner or later return to the “new normal”.

Still, the National Association of American Film Owners hailed the New York government’s decision.

“Film owners are pleased with the announcement that New York theaters will be allowed to safely reopen. Strict voluntary health and safety protocols have allowed theaters across the country to operate responsibly at higher capacity limits for several months without a single outbreak … “

Now, with the reopening, that could be the light at the end of the tunnel for the film industry to begin to recover after more than a year of financial collapse due to the coronavirus pandemic.

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