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Alamo Drafthouse Files for Chapter 11, Announces Sale to Altamont Capital, Fortress Investment

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Alamo Drafthouse Files for Chapter 11, Announces Sale to Altamont Capital, Fortress Investment

Old 03-03-21, 09:12 AM
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Alamo Drafthouse Files for Chapter 11, Announces Sale to Altamont Capital, Fortress Investment

This sucks. It became my go-to theater and I joined their Season Pass after Movie Pass shit the bed.

https://variety.com/2021/film/news/a...RV8za521pG0XPo
Old 03-03-21, 09:17 AM
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Re: Alamo Drafthouse Files for Chapter 11, Announces Sale to Altamont Capital, Fortress Investment

The company says that operations will continue as normal and the Chapter 11 process and sale will give it the capital it needs to continue operating as it emerges from a public health crisis that left many of its locations closed for months. The agreement involves “the sale of substantially all its assets.”
...

As part of the bankruptcy, Alamo Drafthouse will close down a few underperforming locations and restructure its lease obligations.
Old 03-03-21, 09:22 AM
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Re: Alamo Drafthouse Files for Chapter 11, Announces Sale to Altamont Capital, Fortress Investment

My local theater just posted on FB that they will not be reopening. I posted a thank you to all the servers.
Old 03-03-21, 09:38 AM
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Re: Alamo Drafthouse Files for Chapter 11, Announces Sale to Altamont Capital, Fortress Investment

It will close three theaters, Alamo Drafthouse Ritz in Austin, and locations in Kansas City, Missouri and New Braunfels, Texas, and stop development at a cinema in Orlando. Other theaters will continue operating but company said it will continue to evaluate the health of all leases during the Chapter 11 process.

Last edited by dex14; 03-03-21 at 09:49 AM.
Old 03-03-21, 09:52 AM
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Re: Alamo Drafthouse Files for Chapter 11, Announces Sale to Altamont Capital, Fortress Investment

They announced on the Facebook the closing of the Alamo Mainstreet and I feel like I just want to cry. It was the first place I wanted to go when the COVID restrictions will be behind us. The building isn't going anywhere as its a landmark here in KC but it's probably going to take a few years for a similar type of movie theater company to take over the space.
Old 03-03-21, 09:54 AM
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Re: Alamo Drafthouse Files for Chapter 11, Announces Sale to Altamont Capital, Fortress Investment

The main article said they would close underperforming locations but it was always pretty busy when I was there. Guess it wasn't crazy busy enough. It only had six screens. But they were good about having a variety of movies.
Old 03-03-21, 09:57 AM
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Re: Alamo Drafthouse Files for Chapter 11, Announces Sale to Altamont Capital, Fortress Investment

It was always busy if you ask me but also it came down to what was playing. I went to mostly the older movies but I remember going to the sold out showings of movies like It Chapter 1 and Mad Max Fury Road. Also the bar there was always busy and they did various things like bring in bands and salsa dancing lessons for free which was a ton of fun.
Old 03-03-21, 10:00 AM
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Re: Alamo Drafthouse Files for Chapter 11, Announces Sale to Altamont Capital, Fortress Investment

Originally Posted by Bluelitespecial View Post
They announced on the Facebook the closing of the Alamo Mainstreet and I feel like I just want to cry. It was the first place I wanted to go when the COVID restrictions will be behind us. The building isn't going anywhere as its a landmark here in KC but it's probably going to take a few years for a similar type of movie theater company to take over the space.
The next company should keep try to keep it a dine-in theater. There's already a built-in customer base.
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Old 03-03-21, 10:07 AM
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Re: Alamo Drafthouse Files for Chapter 11, Announces Sale to Altamont Capital, Fortress Investment

I liked that it only had six screens as it felt like a more intimate type of movie theater and not the typical multiplex.
Old 03-03-21, 10:15 AM
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Re: Alamo Drafthouse Files for Chapter 11, Announces Sale to Altamont Capital, Fortress Investment

That's how the Alamo Ritz feels, their so-called flagship theater. Kind of glad it closed, it's had a rundown feel for years. Although that's where I saw a great worn-down 35mm print of Texas Chainsaw Massacre with Tobe Hooper in attendance. That was a great time.
Old 03-03-21, 10:40 AM
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Re: Alamo Drafthouse Files for Chapter 11, Announces Sale to Altamont Capital, Fortress Investment

I’ve never been to one, but this is a bummer.
Old 03-03-21, 10:55 AM
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Re: Alamo Drafthouse Files for Chapter 11, Announces Sale to Altamont Capital, Fortress Investment

Iíve been tempted to go to KC a few times, but the Omaha Alamo is faster, so Iíve always gone there. Sad that I never got the chance.
Old 03-03-21, 01:34 PM
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Re: Alamo Drafthouse Files for Chapter 11, Announces Sale to Altamont Capital, Fortress Investment

There is a Alamo Drafthouse in Los Angeles, but I've never been there and it's not convenient for me to go there either. But, bummer to hear they had to file for Chapter 11.
Old 03-03-21, 01:57 PM
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Re: Alamo Drafthouse Files for Chapter 11, Announces Sale to Altamont Capital, Fortress Investment

This sucks (never been to one, though), but I at least like that they're trying to salvage the business by closing down the underperforming theaters.

About 20 years ago, a very small chain called Madstone took over operations of a local theater, and it was really cool. They would show both major blockbusters and little indie films, and were doing great business. But apparently only at our theater; most of the other ones around the country were drowning. So they shut down the whole thing, instead of just the underperforming ones. That was kind of a bummer. Hopefully it doesn't come to that with Alamo.
Old 03-03-21, 04:14 PM
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Re: Alamo Drafthouse Files for Chapter 11, Announces Sale to Altamont Capital, Fortress Investment

I looked up my victory account today on the Alamo's website and it looks like I'll have to send them an email to cancel my Victory membership. I'll no longer need it since the theater here is closed for good.
Old 03-03-21, 05:05 PM
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Re: Alamo Drafthouse Files for Chapter 11, Announces Sale to Altamont Capital, Fortress Investment

I've been to the one on Lamar Blvd in Austin a few times. But with Abbott doing away with the mask mandate here in TX, I'll happily stay on my couch at home and watch my movies here...
Old 03-03-21, 05:24 PM
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Re: Alamo Drafthouse Files for Chapter 11, Announces Sale to Altamont Capital, Fortress Investment

It sounds like the Chapter 11 filing is directly related to the conditions of the sale of the company. It's weird, but it's not like your typical bankruptcy filing, if I understand it correctly (I probably don't. )

I want to stay positive, because my local Alamo Drafthouse is great, but honestly, these types of mega capital/investment firms do this kind of thing to maximize their shareholder dividends while running brick & mortar companies into the ground.
Maybe Altamont and Fortress are different and genuinely want to keep a good business going, though. Time will tell.
Old 03-03-21, 07:32 PM
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Re: Alamo Drafthouse Files for Chapter 11, Announces Sale to Altamont Capital, Fortress Investment

Originally Posted by Dan View Post
I want to stay positive, because my local Alamo Drafthouse is great, but honestly, these types of mega capital/investment firms do this kind of thing to maximize their shareholder dividends while running brick & mortar companies into the ground.
Yeah, that's what I'm thinking, too.

I'd be shocked if this wasn't the end of the Alamo Drafthouse as you know it.

There was a chain of theaters in Kansas and Oklahoma, called "The Warren." Really nice place -- clean, good food, excellent service, incredible moviegoing experience. Even the website was intuitive and easy to use. The owner ended up selling them off to Regal, and the they went to absolute shit within a month.

I always made a point to visit one of the theaters whenever I was in Wichita and there was something I wanted to see. I went back once and caught Solo: A Star Wars Story, and the place was a fucking dump.
Old 03-03-21, 08:08 PM
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Re: Alamo Drafthouse Files for Chapter 11, Announces Sale to Altamont Capital, Fortress Investment

I'm trying to think positively as now two of my favorite theaters had to close in downtown KC. Eventually a theater chain will come in to replace the now vacant Mainstreet building and the other local chain said they hope their second theater can comeback when there are better days ahead.
Old 03-03-21, 08:08 PM
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Re: Alamo Drafthouse Files for Chapter 11, Announces Sale to Altamont Capital, Fortress Investment

Originally Posted by Josh-da-man View Post
Yeah, that's what I'm thinking, too.

I'd be shocked if this wasn't the end of the Alamo Drafthouse as you know it.
Like all things these days, they're going to try to capitalize on the younger demographic and go from "no phones" to complete social media engagement during a movie.
Old 03-04-21, 02:57 PM
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Re: Alamo Drafthouse Files for Chapter 11, Announces Sale to Altamont Capital, Fortress Investment

I've been to the three Drafthouses in the Denver area four or five times. None of those times were busy, at all. I hope nothing much changes once they emerge from bankruptcy.
Old 03-05-21, 10:25 AM
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Re: Alamo Drafthouse Files for Chapter 11, Announces Sale to Altamont Capital, Fortress Investment

They had just opened a few near me right before COVID which was some terrible timing.
Old 03-05-21, 11:55 PM
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Re: Alamo Drafthouse Files for Chapter 11, Announces Sale to Altamont Capital, Fortress Investment

Iíve seen countless classic and cult films over the years at my local Alamo in Yonkers, NY. Despite it being a 45 min drive each way I made the trip as often as I could because of their respect for cinema, the staff, and some pretty good popcorn. Hope they can bounce back in a post Covid world.
Old 03-08-21, 08:15 PM
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Re: Alamo Drafthouse Files for Chapter 11, Announces Sale to Altamont Capital, Fortress Investment

I just got an email confirming the cancellation of my Victory rewards membership and I feel like I want to cry. The Mainstreet theater is beautiful and the best theater in KC. It's going to a take a few years for a new theater tenant to take over the space and they won't do nearly as good of a job as Alamo Drafthouse.
Old 03-09-21, 08:52 AM
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Re: Alamo Drafthouse Files for Chapter 11, Announces Sale to Altamont Capital, Fortress Investment

I've always wanted to go to an Alamo after hearing about them, but I never got the chance. I guess now I won't bother, as almost everything private equity touches turns to shit.

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