Pacific Theatres Plans to Liquidate After Filing for Bankruptcy
(Bloomberg) -- Pacific Theatres Exhibition Corp., the California theater chain that shut down because of the pandemic, said it filed for Chapter 7 bankruptcy and plans to liquidate, a big loss for film fans on the movie industry’s home turf.
The action Friday by the company, which also operates the ArcLight chain, follows an announcement in April that the company wouldn’t reopen after a yearlong closing caused by coronavirus restrictions.
“Having taken steps to wind down the business, the company today is seeking protection under Chapter 7 of the Bankruptcy Code in order to liquidate its remaining assets for the benefit of its creditors,” a spokesman said in an emailed statement.
There is still a chance some of the locations could reopen. AMC Entertainment Holdings Inc., the largest global movie chain, has held acquisition talks with Pacific, according to AMC Chief Executive Officer Adam Aron. Earlier this week, two of Pacific’s venues in Los Angeles appeared on AMC’s mobile app but then vanished. Neither company commented on whether they were merging.
Pacific and the ArcLight are known for their reserved seating and the absence of ads before screenings. The chain’s locations include the Cinerama Dome, a Hollywood landmark that opened in 1963. The company had 17 locations and 234 screens across California, as well as Chicago, Boston and Washington as of 2019, according to Boxoffice Pro.
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