After filing for bankruptcy, Westchester’s concept movie theater awaits a restructuring and reorganization as it eyes plans for the future.
Movie lovers who enjoy a meal and an adult beverage while watching the latest Hollywood production on a big screen anxiously await the fate of the Yonkers Alamo Drafthouse.
As movie theaters across the nation begin to welcome back customers, the Austin, Texas-based Alamo Drafthouse filed for Chapter 11 bankruptcy last week. The 40-theater chain is set for restructuring and reorganization as Alamo investor Capital Partners, along with partners of Fortress Investment Group, have agreed to purchase the assets of the company. Alamo says the capital from the purchase gives it the funds to operate as the nation — including moviegoers — anticipate the end of the now year-long quarantine.
Alamo Founder and Executive Chairman Tim League will remain with the company as part of the purchasing group. He said an increase in vaccination availability and pent-up audience demand makes him “extremely confident that by the end of 2021, the cinema industry — and our theaters specifically — will be thriving. We are fortunate to have an incredibly talented and passionate team who are eager to welcome our loyal fans back to our theaters for a cinematic experience that can’t be replicated.” He adds, “These are difficult times and during this bankruptcy we will have to make difficult decisions about our lease portfolio.”
The restructuring is set for court approval later this month.
What does this mean for the Yonkers location? Grab your popcorn and stay tuned.