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AMC acquired more movie theaters that have been closed down, and this includes the Pacific Theaters and Arclight Cinemas. As the company takes over the shuttered movie houses, it will re-open them to become part of its AMC Theater chain.
As per Deadline, AMC revealed it has signed lease agreements and will start operating theaters in Chicago and Los Angeles. For starters, it will re-open some of its newly-acquired cinemas such as the Pacific Theater in Northridge, California which will be renamed AMC Northridge Fashion Center 10 and the Archlight location in the Lincoln Park area that is now called AMC Chicago 14.
Market Watch reported that these high-end establishments were previously owned and operated by ArcLight Cinemas and the Pacific Theatres. They were shut down last year due to the COVID-19 pandemic. Their owners stated they would no longer open the theaters; thus, AMC stepped in to take over.
The re-branded theaters are expected to start operating again in the spring of 2022. The company is still actively looking for more properties and in discussion with owners of closed cinemas.
“These theatres have previously been high-traffic, successful locations, in two of AMC’s top markets, and we are pleased to offer the AMC experience at them a few months from now in 2022,” AMC chief executive officer, Adam Aron, said in a press release. “These are prime examples of how AMC is staying on offense, looking for opportunities to strengthen our company through the acquisition of these popular locations.”
Aron added, “Our most recent acquisitions of AMC The Grove 14 and AMC Americana at Brand 18 are already showing their success as those locations routinely finish in the top 10 theatres in box office performance among more than 150 theatres in the LA market, and in the top 30 in the entire United States.”
Apparently, the pandemic hammered the exhibition business in the U.S. and many were forced to close down. Most have already filed for bankruptcy and they clearly have no intention of returning to the business.
