If you happen to live in the neighborhood of an Alamo Drafthouse, you’re probably well-acquainted with the movie theater chain. Claiming a boutique theater experience, Drafthouses had big seats, food service, days where children were allowed and most days where they’re not, with a movie enthusiast feel and aesthetic. Like most “gather in a room for several hours” businesses, however, the Drafthouse has not been able to deal with COVID well and is filing for bankruptcy as they sell their assets to an investment firm.
Alamont Capital, the investment firm that backed Alamo Drafthouse pre-COVID, is buying up the rest of the company’s assets after it files Chapter 11. This also means that several of the existing 37 theaters will be closing, including Austin, New Braunfels, and Kansas City locations. A planned Orlando theater will also be scuttled.
Alamo Drafthouse is hoping to wait out the pandemic as mass vaccination timelines accelerate and cities like NYC toy with reopening theaters.