Texas-based cinema chain Alamo Drafthouse has now filed for Chapter 11 bankruptcy.
The new filing comes as part of a purchase agreement with Altamont Capital Partners, who was previously an investor in the chain, as well as new investors Fortress Investment Group. While the agreement will see “the sale of substantially all its assets,” the new backers have reassured that operations for the Alamo Drafthouse will largely continue as normal. Its original founder Tim League will continue to be involved, and only a few underperforming branches of its roughly 40 locations will be shut down.
“Alamo Drafthouse had one of its most successful years in the company’s history in 2019 with the launch of its first Los Angeles theater and box office revenue that outperformed the rest of the industry,” said Alamo Drafthouse’s CEO Shelli Taylor in a statement. “We’re excited to work with our partners at Altamont Capital Partners and Fortress Investment Group to continue on that path of growth 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 in our locations that are currently operating.”Elsewhere in entertainment, George R.R. Martin’s Sandkings is getting a Netflix film adaptation.
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