PHOENIX — Arizona's three Alamo Drafthouse movie theaters are filing for Chapter 11 bankruptcy, citing COVID-19 shutdowns as the cause for the move.
"I’m sad to confirm that due to the impact of the COVID-19 shutdowns, our three Alamo Drafthouse franchise locations in the Phoenix area have been forced to file for Chapter 11 bankruptcy protection," Paschich Alamo Holdings LLC owner Craig Paschich said.
Paschich said in a release he hopes the theaters can reopen at some point in the future.
"Our intention is to use this opportunity to reorganize our finances and plan for the road ahead," he said. "We’ve been privileged to have spent the past four years sharing the films we love with our friends in the Phoenix region, and we hope that taking these steps will put us on track to open in the future."
Alamo Drafhouse Cinemas has locations in Tempe, Gilbert and Chandler, all of which have opened in the past five years.
Movie theaters closed in Arizona in March along with bars, restaurants, gyms, malls, pools and more.
On Tuesday of this week, Gov. Doug Ducey announced he would let his current stay-at-home order for Arizonans expire on May 15.
He also allowed gyms and pools to begin reopening on May 13, pro sports could resume in the state without fans after May 15 and movie theaters are allowed to reopen beginning Saturday under certain guidelines.
Although, theaters may choose to wait to reopen until movie studios begin releasing major films again, which may not be until July or later.