Michigan Movie Theater Chain Files for Bankruptcy
The chain operates fourteen locations in Michigan, including The Holland 7, Ada-Lowell 5, Grand Haven 9, Kalamazoo 10, and Hastings 4.
According to court records, Goodrich Quality Theatres reported assets of $50 million to $100 million and liabilities of $10 million to $50 million.
Owner Bob Goodrich told MiBiz,
“Without a clear crystal ball, I invested in remodeling five or six theaters and installed a new IMAX in Lafayette, Indiana. We’re struggling with the result of streaming taking our audience away. I misjudged and spent too much, and we’re left with a cash poor business. But I’m very optimistic we will come out of that. We are still a cash flowing company, but it is inadequate to pay our bank debt. We filed for Chapter 11 to try to resolve our issues. We are hopeful that will yet occur.”
The future of the chain remains uncertain, though Goodrich did tell MiBiz he expects to have to sell “some” locations in a bankruptcy auction process.