The news that the Alamo Drafthouse brand has filed for Chapter 11 bankruptcy sent a jolt of alarm through local movie buffs this morning. Fortunately, it sounds like the financial filing should have little to no impact on the much-loved location at One Loudoun in Ashburn.
Variety, the entertainment industry publication, was one of the first to report the news of the Chapter 11 filing today. “The bankruptcy filing comes as part of an asset purchase agreement with Altamont Capital Partners, a previous investor in the company, as well as affiliates of Fortress Investment Group, a new backer,” Variety wrote. “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.'”
The Ashburn Alamo Drafthouse is part of a franchise group. It’s not one of the corporate locations. We’re told this means the restructuring at the corporate level should have little to no effect on the DC operations, since they are a separate company. The local group also owns and operates Alamo locations in Woodbridge and Charlottesville and is planning two more theaters for the DC area.
Alamo Drafthouse in Ashburn is currently operating on what they are calling “winter hours.” They are open for movies Thursday to Sunday, with reduced capacity in the theaters. They are also operating a drive-in movie theater on a nearby parcel of land at One Loudoun. Alamo hopes to increase its hours as the pandemic situation stabilizes and studios begin releasing more movies to theaters.
(Image at top: Alamo Drafthouse)
Thanks for the update. I had read the headline in another website and was quite upset. My husband and I have really enjoyed the Alamo Drafthouse at One Loudoun. I hope that they won’t be too badly impacted.
Thanks for the update. I had read the headline in another website and was quite upset. My husband and I have really enjoyed the Alamo Drafthouse at One Loudoun. I hope that they won’t be too badly impacted.
Thanks for the update. I had read the headline in another website and was quite upset. My husband and I have really enjoyed the Alamo Drafthouse at One Loudoun. I hope that they won’t be too badly impacted.
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