Alamo Drafthouse Cinema Emerges From Bankruptcy, Completes Sale to Private Equity Group
June 1, 2021
Alamo Drafthouse Cinema, a chain of indie movie theaters based in Austin, Texas, has emerged from Chapter 11 bankruptcy after securing a sale to private equity group Altamont Capital Partners.
Alamo, which operates 40 theaters across the country, had been a victim of the pandemic that decimated the movie theater business. The chain’s three Arizona screens filed for bankruptcy last May.
Founder Tim League helped complete the transaction and is now executive chairman, while Shelli Taylor, previously CEO of Austin-based United PF Partners, a conglomerate of Planet Fitness franchisees, runs the chain as chief executive officer.
“We’re so thrilled to be reopening theaters across the country and welcoming back audiences for an unparalleled moviegoing experience with films we’ve been eagerly awaiting for over a year now,” Taylor said in a statement. “It’s incredibly exciting to be back on that path so we can bring the Alamo Drafthouse experience to new locations around the country, including our very first locations in Manhattan, St. Louis and D.C.”
The re-opening follows the strongest domestic box office since the pandemic began, with the four-day Memorial Day box office topping $100 million.