As reported by Variety, Alamo Drafthouse filed for Chapter 11 Bankruptcy. Now, that doesn't mean the company is dead, it just means there could be big changes coming. For right now the LA location is safe, but 3 other locations are not coming back after restrictions are lifted because of Covid.
This is quite crazy as the LA location just opened in 2019. And that's after years and years of it being in purgatory on when it would open. Here's our review of it.
So, why is this happening? In this case, unlike the massive problems behind the scenes with Fry's, no one could go to the movies. Drafthouse had only so much money in reserve. It's money is gone and now they had to give up control and will get money from Altamont Capital Partners and the Fortress Investment Group, who will basically be in charge. They are both private equity firms, which are very much like hedge funds. And like many people's thinking on the subject, not a great sign when a comapny is owned by one.
For now, leadership is still with the people who were in charge before they were bought.
The question is now, with essentially new owners, who usually care just about profit, will the Drafthouse brand keep up with how loved it is and the differences that make it have a better movie experience than other theaters?
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| Now I can't read manga silently at the convention, now I have to do it at home |
Adding another punch to the belly, AX Lite is back for another year. And as much as I like them trying, it's just not the same thing as going to the convention. I understand in the practice of safety and without knowing how many people will be vaccinated by July why the decision was made. It still doesn't sadden not getting to cosplay and see VR anime girls.
