The Alamo Drafthouse in North Richland Hills will remain permanently closed after it and two other venues voluntarily filed for bankruptcy on Friday, but our neighborhood theater is expected to remain open.
Three North Texas Alamos, including North Richland Hills, Lake Highlands and Richardson, all owned by father and son franchisees Bill D. and Bill C. DiGaetanothe and their LLC called Two is One, One is None — has filed for bankruptcy, according to a statement from the group.
But the owners say the Lake Highlands and Richardson sites (along with other D-FW sites) will remain fully operational as they work through Connecticut Bankruptcy proceedings and implement a restructuring plan.
The DiGaetanothes said in a statement that the closure of North Richland Hills is related to rent negotiations. It never reopened after coronavirus-related closings, although their others did. The inability to renegotiate the North Richland Hills lease put financial pressure on the group and led to the filings, the statement said.
The action, they say, will “better position the company long-term for the return of the movie screening market” to their North Texas theaters (Richardson, Cedars, Lake Highlands, Las Colinas and Denton) and their sole location in Woodbury, Minnesota.
To implement their plan, according to a statement from the LLC, the company has authorized the filing of three voluntary Subchapter V cases with the United States Bankruptcy Court. You will find information about the deposit here.
“The Company hopes to exit Subchapter V as soon as possible, and the Company and its advisors have ensured that the filing will not affect the Company’s day-to-day operations,” the statement said.
According to the owners, the Lake Highlands location of the Restoration Theatres, which opened to great local fanfare in March 2018, will operate “business as usual, uninterrupted”.
As for the future, Bill C. DiGaetano says he “looks forward to many years of sharing movies and great meals together.”
Although guests are gradually returning to theaters, revenue is significantly below 2019 levels, he notes, adding that the Alamo model has the best chance of securing pre-virus levels of activity.
“We are privileged to have an extremely talented and passionate team that welcomes our guests to ‘their’ theaters every day. We believe in these team members, and they believe in creating an unparalleled customer experience. The steps we are taking will enable our business to meet the ongoing challenges of cinema exhibition while maximizing future opportunities that will allow us to compete more effectively within this highly competitive and dynamic industry,” said DiGaetano. “We love our movie-going guests – your support means the world to our Alamo family. We look forward to many years of sharing movies and great meals together!”
They add that the company’s six open theaters will show the highly anticipated film, The Batmanon its March 3 release date.