Alamo Drafthouse, the theater chain that’s popular for its no-nonsense approach to moviegoing, has emerged from Chapter 11
, the theater chain that’s popular for its no-nonsense approach to moviegoing, has emerged from Chapter 11.in March as the Texas-based company, like many theater chains, was struggling to recover from closures related to the COVID-19 pandemic. Now, Alamo Drafthouse has completed its sale to Altamont Capital Partners, funds managed by affiliates of Fortress Investment Group LLC and Alamo Drafthouse founder Tim League.
Along with the news of the end of its Chapter 11 process, the company announced plans to open five new theaters — with locations in Manhattan, Staten Island, St. Louis and two in Washington D.C. — in 2021 and 2021. Alamo Drafthouse had to close down a few underperforming venues as part of its bankruptcy filing and currently has nearly 40 locations in total.
Alamo Drafthouse’s long-in-the-works Manhattan location is expected to open this fall. Located in the Financial District in Lower Manhattan, the 14-screen multiplex will also be home of the Press Room, a new museum, letter press print shop, bar and event space. Across the country, movie theaters are finally starting to rebound after a dreary year brought on by the pandemic. With the Memorial Day weekend release of director John Krasinski’s scary sequel “A Quiet Place Part II” and Disney’s “101 Dalmatians” prequel “Cruella,” Alamo Drafthouse celebrated its biggest weekend at the box office since the onset of COVID-19.
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