AMC Acquires Two Los Angeles Theaters Closed by Pandemic
(Bloomberg) -- AMC Entertainment Holdings Inc., the world’s largest movie-theater chain, is acquiring two Southern California multiplexes that went out of business because of the Covid-19 pandemic.
The cinemas, one in the Grove shopping area in Los Angeles and the other in Glendale, were formerly part of Pacific Theatres Exhibition Corp., the company that operated the ArcLight theater chain. Pacific said in June it would liquidate after pandemic-related losses forced it into Chapter 7 bankruptcy.
AMC will take control of a long-term lease, and rebrand the two cinemas, the company said Monday. They include the Grove theaters, a 14-screen cinema, and the Americana at Brand theaters, an 18-screen cinema.
The acquisition is a win for AMC. Chief Executive Officer Adam Aron has repeated his interest in buying the locations, controlled by private real estate firm Caruso. Aron said the pandemic gave AMC the opportunity to buy some cinemas on the cheap, which could allow the chain to grow and generate more, badly needed cash.
“These two theaters each are located in world-class lifestyle centers offering the best in retail, dining and entertainment options,” Aron said in a statement.
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