AMC takes over former Pacific theaters at Grove and Americana
AMC Leisure, the world’s largest movie show chain, is taking on former Pacific Theatres places on the Americana at Model in Glendale and the Grove buying middle, the corporate mentioned Monday.
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The Los Angeles-area cinemas are the most recent places to vary arms after ArcLight Cinemas and Pacific Theatres mentioned in April that the chains wouldn’t reopen, because of the COVID-19 pandemic that stored native exhibitors closed for greater than a yr.
AMC mentioned it expects to reopen each places within the coming weeks however didn’t give particular dates. The leases increase AMC’s footprint in Southern California by giving it two places that in recent times have ranked among the many highest-grossing theaters within the Los Angeles space.
Monetary phrases weren’t disclosed.
“AMC is proud to be expanding in the movie-making capital of the world,” AMC Chief Government Adam Aron mentioned in a press release.
The deal was anticipated.
Final month, in an obvious snafu, the Pacific film homes on the two Rick Caruso-owned buying complexes have been briefly listed as AMC places on the bigger exhibitor’s app and ticketing web site. The theaters have been later faraway from the positioning.
The transaction follows Regal’s announcement final month that it might transfer into and refurbish the previous ArcLight house on the Sherman Oaks Galleria.
ArcLight and Pacific’s guardian firm declared Chapter 7 chapter to liquidate remaining property.
It’s nonetheless not clear what’s going to change into of the corporate’s flagship Hollywood ArcLight location and the historic Cinerama Dome on Sundown Boulevard, which weren’t a part of the chapter submitting.
Film attendance is going through stiff competitors from streaming, a development that accelerated in the course of the public well being disaster. Nonetheless, builders equivalent to Caruso have been seeking to fill leases left by theater vacancies as a result of they nonetheless anchor malls.
Movie show attendance was stagnant earlier than the pandemic, however multiplexes have lengthy been key drivers of foot site visitors to buying facilities and malls that now compete with ascendant on-line retail giants equivalent to Amazon.
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