The company released a statement today that they’re filing Chapter 7 in order to liquidate their assets for creditors.
As we previously reported, AMC is closing on a deal to take on the leases of Pacific’s multiplexes at The Grove in Los Angeles and The Americana in Glendale, CA; both Caruso owned properties.
Here’s their statement:
After a year of the pandemic’s devastating effect, Pacific Theatres Exhibition Corporation announced in April that it would not reopen its ArcLight Cinemas and Pacific Theatres locations. Having taken steps to wind down the business, the company today is seeking protection under Chapter 7 of the Bankruptcy Code in order to liquidate its remaining assets for the benefit of its creditors.
We are deeply grateful to our employees, our guests, and the film community for coming together over the past decades to create so many wonderful moviegoing experiences. We are overwhelmed by the extraordinary outpouring of memories. Thank you for sharing these with us.
We will miss you all.