Alamo Drafthouse Cinemas files for bankruptcy, seeks buyer

Alamo Drafthouse to take over Marcus Midtown Cinema
Posted at 1:15 PM, Mar 03, 2021
and last updated 2021-03-04 17:17:30-05

AUSTIN, Texas (AP) — Alamo Drafthouse Cinemas Holdings, a Texas-based dine-in theater chain, says it filed for bankruptcy, citing financial woes during the pandemic.

The owners of the Omaha area franchisesannounced in a press releasethat the local entity, which owns locations in Midtown Crossing and La Vista, is not bankrupt.

See also: Alamo Drafthouse in La Vista temporarily closed

The company plans to find a buyer during its Chapter 11 bankruptcy, which allows it to continue operating while its managers and advisers work on repaying creditors.

The Austin-based company says the sale will provide "much-needed incremental financing to stabilize the business during the pandemic." Alamo Drafthouse listed assets and liabilities of as much as $500 million each in its bankruptcy petition.

Related: New Alamo Drafthouse opening in Midtown

The Austin-based company has more than 40 theaters nationwide, including some in the Dallas-Fort Worth area, Kansas City, Mo. and the Omaha, Nebraska area.