Arizona’s three Alamo Drafthouse movie theaters have filed for bankruptcy after taking serious financial hits due to the COVID-19 shutdown.
"I’m sad to confirm that due to the impact of the COVID-19 shutdowns, our three Alamo Drafthouse franchise locations in the Phoenix area have been forced to file for Chapter 11 bankruptcy protection," franchise owner Craig Paschich said in a statement.
Paschich said his goal is to reorganize and restructure the company so the theaters can eventually re-open once it's safe and financially viable to do so.
"Our intention is to use this opportunity to reorganize our finances and plan for the road ahead," the statement said. "We’ve been privileged to have spent the past four years sharing the films we love with our friends in the Phoenix region, and we hope that taking these steps will put us on track to open in the future."
The theaters in Chandler, Tempe and Gilbert are known for their full-service kitchens and bars and special event nights. All movie theaters across the state have been closed, but Gov. Doug Ducey's office says they can begin re-opening as early as Saturday.
