Pacific Winnetka Theater To Liquidate Assets

CHATSWORTH, CA — Pacific Theatres Exhibition Corporation, the owner of Pacific Winnetka 12 movie theater in Chatsworth, announced Thursday it is filing Chapter 7 bankruptcy to liquidate assets from creditors.

That includes all the equipment, seats, projectors, and popcorn machines for all ArcLight and Pacific locations except the ArcLight Hollywood and Cinerama Dome. The Decurion Corporation, the parent company of Pacific Theatres, asked to retain the brand rights for the Hollywood location, which some see as a sign it intends to reopen that location. Thousands have rallied to save the iconic theater, and a change.org campaign to save the Cinerama has gathered nearly 26,000 signatures.

But most of the company’s 15 locations are likely to close, in large part due to the challenges of the pandemic. “After a year of the pandemic’s devastating effect, Pacific Theatres Exhibition Corporation announced in April that it would not reopen its ArcLight Cinemas and Pacific Theatres locations,” Pacific Theatres said in its statement. “Having taken steps to wind down the business, the company today is seeking protection under Chapter 7 of the Bankruptcy Code in order to liquidate its remaining assets for the benefit of its creditors. We are deeply grateful to our employees, our guests, and the film community for coming together over the past decades to create so many wonderful moviegoing experiences. We are overwhelmed by the extraordinary outpouring of memories. Thank you for sharing these with us. We will miss you all."

Variety, Deadline, and other outlets reported that AMC is negotiating a deal to take over the leases of Pacific’s multiplexes at The Grove in Fairfax and The Americana in Glendale. It is still unclear which organizations are looking at Sherman Oaks Galleria theater, one of the top-ten grossing theaters in the United States.