Alamo Drafthouse Cinema filed for Chapter 11 bankruptcy recently, revealing plans to close theaters around the U.S. Fortunately, our North Texas Drafthouse venues are here to stay.
The seven Alamo Drafthouse Cinema (Dallas, Denton, and Tarrant counties in North Texas, and one in Woodbury, Minnesota), are independently owned by the father and son duo, Bill D. (Owner) and Bill C. DiGaetano (Owner & CEO). The family business signed a franchise agreement with Alamo Drafthouse Cinema in December 2010, and opened their first theater in Richardson in August 2013.
“Our franchisor Alamo Drafthouse Cinema announced today that it has voluntarily filed for bankruptcy as the Coronavirus pandemic continues to have a negative effect on the movie business. Our DFW and Twin Cities locations are not in bankruptcy. We have confidence that when the Alamo franchisor emerges it will be even stronger and better able to support all franchisees,” said Bill C. DiGaetano.
Alamo Drafthouse Cinemas Reopening
The DiGaetanos plan to open their seven theaters over the next several months. Wider distribution of the COVID-19 vaccine, plus a firm slate from studios for first-run film releases, are major factors in this decision.
This is welcome news for fans like me, who miss being spoiled at Alamo Drafthouse. Watching a favorite film in cushiony, reclining seats while silent waiters bring food and beverages to my tray table is the epitome of luxury. I’ve been counting the days until my nearest Alamo Drafthouse reopens, and DiGaetano says that’s likely to happen this summer.
After scaling back on their staff, Alamo Drafthouse venues in North Texas expect to see more first-run films released soon. Grants from the federal government and the rising number of people being vaccinated in our community are also incentives to reopen this summer.
“To say that the last 12 months have been a roller coaster ride for us here at Alamo DFW & Twin Cities would be an understatement, and I know I don’t need to explain this to anyone,” DiGaetano said. “This pandemic has affected every single one of us, and we all have faced challenges at home, work, and school. The well wishes, questions, and curiosity about our reopening are truly appreciated. Thanks to our bank, investors, local municipalities, and federal government support, we are targeting a reopening this summer. We cannot wait to see you all again in a safe, fun, and of course, over-the-top theater experience!”
The Small Business Administration for the Shuttered Venue Operators Grants is also expected to assist reopening of U.S. theaters and other venues. The grant is tailored to theaters, live music venues and certain museums that suffered significant revenue losses in 2020.