CMX Cinemas, the eighth-greatest U.S. film theater operator, has filed Chapter 11 individual bankruptcy only a thirty day period immediately after it identified as off its proposed acquisition of Texas chain Star Cinema Grill.
CMX cited the economic crisis precipitated by the coronavirus pandemic that has shuttered theaters all over the U.S.
“We are in a state of total uncertainty as to when we can re-open our theaters and when our buyers will come to feel safe and sound and protected in returning to them supplied that there is presently no vaccine versus the virus,” the U.S. subsidiary of Mexico’s Cinemex reported in a assertion. “We are not able to forecast when — if at any time — shopper quantities will return to pre-crisis amounts.”
The acquisition of SCG, which operates dine-in theaters, would have built CMX the seventh-greatest U.S. theater chain. In terminating the deal, CMX reported on March