WINCHESTER — Although Texas-based Alamo Drafthouse Cinemas Holdings has filed for Chapter 11 bankruptcy due to pandemic-related financial woes, the Kernstown Commons location in Frederick County will remain open, partner Steve Nerangis said Wednesday.
"The Alamo Drafthouse Cinema in Winchester is locally-owned and operated,” Nerangis said about the franchise at 181 Kernstown Commons Boulevard. “The theater is open every day showing exciting new movies including ‘Tom and Jerry’ and Disney's ‘Raya and the Last Dragon.’ We greatly appreciate your support and look forward to seeing you soon.”
The dine-in theater chain plans to find a buyer during its Chapter 11 bankruptcy, which allows it to continue operating while its managers and advisers work on repaying creditors, The Associated Press reported.
“Alamo Drafthouse had one of its most successful years in the company’s history in 2019 with the launch of its first Los Angeles theater and box office revenue that outperformed the rest of the industry,” Alamo Drafthouse Executive Chair Shelli Taylor said in a company release. “We’re excited to work with our partners at Altamont Capital Partners and Fortress Investment Group to continue on that path of growth on the other side of the pandemic, and we want to ensure the public that we expect no disruption to our business and no impact on franchise operations, employees and customers in our locations that are currently operating.”
In its bankruptcy petition, Alamo Drafthouse listed assets and liabilities of as much as $500 million each. Court papers show that private equity firm Altamont Capital Management owns 40% of the company.
Based in Austin, Alamo Drafthouse owns and franchises more than 40 theaters across the country. In addition to the Kernstown Commons location, Alamo Drafthouse also has Virginia locations in Ashburn, Woodbridge and Charlottesville.
Most Alamo locations temporarily closed last March as a result of COVID-19 restrictions but eventually reopened last year with a detailed pandemic protocol plan.
For upcoming movie and event information at the Alamo Drafthouse Cinema in Kernstown Commons, visit drafthouse.com/winchester.