A Cult-Favorite Theater Chain Is Reportedly Looking For a Buyer After Emerging From Bankruptcy

Digital Marketing

Nostalgic movie theater chain, Alamo Drafthouse, is reportedly shopping for a buyer.

According to Variety citing two anonymous sources, the Texas-based chain has approached “several Hollywood studios” to possibly purchase the company.

Alamo Drafthouse is popular among moviegoers for being one of the first chains to offer in-theater dining while watching a movie, offering local draft beers, craft cocktails, and an extensive food menu.

Related: Report: Amazon Eyeing Purchase of AMC Theaters

The company filed for Chapter 11 bankruptcy protection amid the pandemic in March 2021 but emerged later that year in June 2021 after being sold to Altamont Capital Partners.

Though the company shuttered its Phoenix location and other “underperforming” venues during the pandemic, it has since opened five new theaters in major cities including Washington, D.C., and Chicago.

“We’re so thrilled to be reopening theaters across the country and welcoming back audiences for an unparalleled moviegoing experience with films we’ve been eagerly awaiting for over a year now,” said Alamo Drafthouse CEO Shelli Taylor at the time. “It’s incredibly exciting to be back on that path so we can bring the Alamo Drafthouse experience to new locations around the country.”

According to Deadspin, the top-performing locations last year were located in Brooklyn (New York), Downtown L.A. (California), Springfield (Missouri), Manhattan (New York), Raleigh (North Carolina), and Austin (Texas).

Alamo currently has 41 theaters across 13 U.S. states.

Related: Tesla Cleared to Build a Drive-In Movie Theater With All-Night Diner

Alamo Drafthouse brought in $134 million last year at the box office, a 25% increase from the same time the year prior.

Neither source specified how much the chain is seeking for a sale. So far, there have not yet been any public bidders.

Alamo Drafthouse did not immediately respond to Entrepreneur’s request for comment.

Products You May Like

Leave a Reply

Your email address will not be published. Required fields are marked *