NEW YORK (1010 WINS) -- Alamo Drafthouse Cinema has filed for Chapter 11 bankruptcy, but its downtown Brooklyn theater will still reopen eventually, a spokesperson said Wednesday.
The Texas-based dine-in movie theater chain is selling “substantially all its assets” to its senior lender group, which includes Altamont Capital Partners and founder Tim League, the company said in a press release Wednesday.
The bankruptcy filing and sale “will provide the company with much-needed incremental financing to stabilize the business during the pandemic, which has had an unprecedented and outsized impact upon the movie theater and dining industries,” the release said.
The chain will shutter two theaters in Texas and one in Missouri as part of the filing, it said. Its Brooklyn theater — which temporarily closed in March of last year — is set to reopen, but the chain has not yet set a reopening date, a spokesperson confirmed to 1010 WINS on Wednesday.
Gov. Andrew Cuomo in February said movie theaters in New York City would be allowed to reopen — with restrictions and capacity limits — on March 5.