AMC takes over former Pacific movies building at Grove and Americana
AMC Amusement, the world’s largest movie theater chain, is taking over former Pacific Theatres locations at the Americana at Brand within Glendale and the Grove shopping mall, the company said Monday.
The Mis Angeles-area cinemas are the recent locations to change hands after ArcLight Cinemas and Pacific Theatres said in April that the chains would not reopen, due to the COVID-19 pandemic that resulted in local exhibitors closed for further than a year.
AMC said it wants to reopen both areas in the coming weeks, but did not give specific dates. The leases expand AMC’s footprint in Southern Ca by giving it two locations that have in recent years ranked among the highest-grossing theaters in the Los Angeles area.
Monetary terms were not disclosed.
“AMC is proud to be expanding in the movie-making capital of the entire world, ” said AMC Chief Executive Adam Aron in a declaration.
Last month, in an obvious snafu, the Pacific film houses at the two Rick Caruso-owned shopping complexes had been briefly listed as AMC locations on the larger exhibitor’s app and ticketing website. The theaters were later removed from the site.
The transaction follows Regal’s announcement last month that it would certainly move into and refurbish the former ArcLight area at the Sherman Oaks Galleria .
ArcLight and Pacific’s parent company declared Chapter 7 bankruptcy to liquidate remaining assets.
It’s still not clear what is going to become of the company’s flagship Hollywood ArcLight location as well as the historic Cinerama Dome on Sunset Boulevard, which were not really part of the bankruptcy filing.
Movie attendance is facing inflexible competition from streaming, a trend that accelerated throughout the public health crisis. Nonetheless, developers such as Caruso happen to be looking to fill leases still left by theater vacancies simply because they still anchor malls.
While movie theater attendance was stagnant before the pandemic, multiplexes have long been key drivers of shoe traffic to shopping centers and malls that now compete with ascendant online retail giants like Amazon.