Pacific Theatres, parent company of ArcLight Cinemas, has filed for Chapter 7 bankrupcy. The news comes a few weeks after cash-flush AMC Theatres announced it was considering taking over the best-performing cineplexes in the now-defunct ArcLight chain. What does this mean for the potential of AMC acquiring the Bethesda ArcLight location at Westfield Montgomery Mall?
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| Current conditions at the Bethesda ArcLight Cinemas |
The bankruptcy filing is concerning, because it regards a liquidation of assets from ArcLight - everything still in the shuttered theaters, from projectors and cash registers to seats and popcorn machines. If all of that is sold and removed, the Bethesda cineplex will no longer be a turnkey proposition for another chain to reopen. Of course, in the age of leather recliners, maybe AMC would be replacing those cloth seats anyway. I'll buy that for a dollar!
So far, AMC isn't spending as freely as it suggested; it is only making firm attempts to take over two other Pacific-owned theaters in California. If AMC wants a quick turnaround on the Bethesda ArcLight location, it will have to act before the contents of the theater are liquidated by the court. Finding a new operator for the theater has to be a top priority for the mall's ownership. Not only was the cineplex the crown jewel in the mall's recent expansion, but it was a major driver of traffic. AMC would provide the best menu and chance at continuing the bar service in the lobby, and Regal Cinemas would give us Cheetos popcorn, Doughlish cookie dough and Cinnabon Gooey Bites.
"The bankruptcy filing is concerning, because it regards a liquidation of assets from ArcLight - everything still in the shuttered theaters, from projectors and cash registers to seats and popcorn machines. If all of that is sold and removed, the Bethesda cineplex will no longer be a turnkey proposition for another chain to reopen."
ReplyDeleteThere is no requirement in Chapter 7 which says that all assets must be sold individually.
It's going to take a lot more than a movie theater to save Montgomery Mall. That place is simply wasting away.
ReplyDeleteAMC runs nice theaters. The Tysons location is a gold mine for them.
ReplyDeleteBethesda down to Chevy Chase Pavilion starting to resemble a ghost town
ReplyDeleteWake up Montgomery Council or is this what you want?
I liked that theater but I would rather see one in Downtown Bethesda or maybe the existing one will offer some mainstream movies in addition to the independent releases.
ReplyDelete