Nostalgic movie theater chain Alamo Drafthouse is reportedly looking for a buyer.
Second Variety citing two anonymous sources, the Texan chain has approached “several Hollywood studios” to possibly purchase the company.
Alamo Drafthouse is popular with moviegoers for being one of the first chains to offer in-theater dining while watching a movie, offering local draft beers, craft cocktails and an extensive food menu.
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The company filed for Chapter 11 bankruptcy protection amid the pandemic in March 2021, but emerged later that year, in June 2021, after being sold to Altamont Capital Partners.
Although the company closed its Phoenix location and other “underperforming” locations during the pandemic, it has since opened five new theaters in major cities including Washington, D.C. and Chicago.
“We are so excited to reopen theaters across the country and welcome audiences to an unprecedented moviegoing experience with films we have been eagerly awaiting for over a year now,” Alamo CEO Shelli Taylor said at the time Drafthouse. “It is incredibly exciting to get back on this path and be able to bring the Alamo Drafthouse experience to new locations across the country.”
Second Dead rotationThe top-performing locations last year were located in Brooklyn, New York, Downtown LA, California, Springfield, Missouri, Manhattan, New York, Raleigh, North Carolina, and Austin, Texas.
Alamo currently has 41 theaters in 13 US states.
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Alamo Drafthouse grossed $134 million at the box office last year, a 25% increase over the same period the previous year.
Neither source specified how much the chain is seeking for a sale. So far there are no public bidders yet.
Alamo Drafthouse did not immediately respond That of the entrepreneur request for comment.