This beloved restaurant-movie theater chain has deposited for bankruptcy
The mandated closures and discharges of deferred films are the jeopardy of movie cinema.
Restaurantin the middle of a global pandemic It's quite difficult, so imagine being a restaurant and a cinema at the same time.Studio movie grill, a chain that serves dinner andcocktails In front of the big screen, became the last chain to drop bankruptcy during the weekend.
The Dallas-based theater restaurant with 33 states of 10 states fought this year in the middle of mandated stops and a slim supply of new movie releases. All locations have been closed between March and June and only 21 have been reopened for business with limited capacity so far. (In touch:9 restaurant chains that have closed hundreds of locations this summer.)
Court documents Revealed that the pandemic had exhausted the company's cash reserves - and it is less than its $ 100,000 in cash. Although the company hopes to renegotiate the offers of the owners and lenders, it remains much less unknown for a business dependent on the movie industry.
"SMG anticipates that the demand for its services will remain very obsolete until the theaters are able to return to full capacity and the main images of CV motion are released for first managed theater demonstrations," said William Snyder , director of the restructuring of the company.
Before the pandemic, the chain was the theater chain belonging to the fastest growing company, with more than 25 years of growing sales from year to year, according toBusiness online restaurant.
A lack of cinema tastes and limited capacity operations have also pushedSeveral major movie cinema chains At the edge. AMC, the largest cinema chain in the nation and the theaters of B & B, the sixth largest, both warned of business bankrupts. Regal, the second largest chain,Close more than 500 locations two weeks ago. Although some theaters reassure, the vast majority will remain timed in the unpredictable future.
Roll with punches, the theaters soughtUnconventional sources of income this year. Some have been rented their spaces for events such as concerts and trivia nights, while others have chosen to scrutinize classics and even put in place training theaters in their car parks.
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