SAN ANTONIO – Alamo Drafthouse is filing for Chapter 11 bankruptcy protection, according to a report in The Hollywood Reporter.
The independent theater chain known for its in-cinema food and drink options, is entering into a “restructuring agreement” and plans to sell assets to Altamont Capital and Fortress Investment Group, the report said.
The deal will hopefully allow the theaters to survive beyond the pandemic, the report said.
Operations of its open theaters will not be impacted while it undergoes the restructuring, the company said.
Alamo Drafthouse operates about 40 theaters in the U.S.
The theater chain is one of the most high-profile entertainment companies to file for bankruptcy amid the COVID-19 pandemic. While the end of the pandemic is in sight as vaccines continue to roll out, theater business remains depressed and many major movie releases have been delayed or pushed back.
You can read more about this story on The Hollywood Reporter by clicking here.