Goodrich Quality Theaters, owner of Savoy 16, has filed for bankruptcy in federal court in Grand Rapids
And the plot thickens. Just days after chambanamoms.com reported that an annual favorite – the free spring movie series at Savoy 16 theater – would be cancelled, news reports indicate that its parent company has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Western District of Michigan.
Mibiz.com reported Friday that Michigan-based GQT Theaters stated in the filing it has more than $10 million in debt. The family-owned company operates a chain of 30 movie theaters with 281 screens in Michigan, Florida, Indiana, Illinois and Missouri, including the Savoy 16.
It is unknown how the bankruptcy filing would impact the Savoy 16, but Bob Goodrich, the chain’s president, told MiBiz that “some” locations might be sold as part of a bankruptcy auction.
In the story, Goodrich blamed streaming video and ambitious remodeling as reasons for the company’s struggles.
Online listings indicate that movies are scheduled to show at Savoy through at least Wednesday, which is typical.
Savoy 16 has long been a favorite theater for Champaign-Urbana area families. It opened the area’s only IMAX location in May 2013 after a lengthy remodel. In addition to the spring and fall family movie series, it traditionally offers reduced price, second-run movies throughout the summer.
Art Theatre building for sale
Have $2 million to invest in real estate? Earlier this week, our friends at Smile Politely captured a tweet that Art Theatre building is now for sale at a price of almost $2 million. Located in downtown Champaign, the Art Theatre was the area’s top resource for foreign films as well as arthouse staples before it closed abruptly last fall.