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Alamo Drafthouse Cinema, a popular cinema cinema chain with more than 40 locations across the United States, said the bankruptcy of Chapter 11. Austin's debt currently buys about $ 114 million and from On Wednesday, it concluded a temporary agreement to buy by its main lenders, Altamon Capital and Fortress Investment Group.

In addition, Alamo has announced the permanent closure of three underperforming locations: its cinema location in Austin-a 90-year-old cinema known as Ritz-as well as the theaters of Kansas City, Mo. and New Braunfels, Texas. (In touch:McDonald's makes these 8 major upgrades.)

The Hybrid Restaurant-Cinema, founded in 1997 by Tim and Karrie League, had benefited from 2019 particularly successful, which brought competitive box sales and a new location in Los Angeles.Like other major hospitality companies And the entertainment industries, however, Alamo's operations were considerably altered by the CVIV-19 pandemic and the resulting locks. He was forced to close all his places in March and he did not begin to reopen the theaters before in the summer.

Throughout the pandemic, the company quickly resorted to its expenses and to create new sources of income. He leaves a lot of his staff and reduced the salary of his employees of the company and the theater level. It has also offered private projections and has developed a continuous dissemination service for its licensed securities.

But it has never been poorly managed to stand up. At the time of the general reopening of its theaters in summer, the liquidity of the chain was "seriously compromised", according toMatthew VLANAHE, CFO de Alamo. By November, the Drafthouse Austin Alamo faces a one million dollar trial, not to pay rent and other expenses.

Although the chain remains full of hope of its future, if customers come back to these types of institutions, as the pandemic begins to be observed. For more information about famous fast food chains that have recently undergone bankruptcy, check10 biggest bankruptcies of the 2020 catering chain.

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