AMC Takes Over Former Pacific Theatres Locations at Grove and Americana

AMC Theatres introduced on Monday that it has accomplished talks for the long-term leases on the multiplexes at the Grove in Los Angeles and the Americana in Glendale, each of which had been beforehand owned by the now-shuttered Pacific Theatres.The transfer comes as AMC expands its circuit amidst a fast surge in its inventory worth fueled by meme merchants. While the chain’s inventory worth has fallen from its all-time peak of $62 per share at the beginning of June, it’s nonetheless at present holding at $34 [er share, a stage that, previous to the latest spike, was final reached at the tip of 2016.That hunt for brand spanking new multiplexes made AMC a pure match for the Grove and Americana. In April, shortly after Pacific Theatres and its premium sister chain ArcLight Cinemas declared chapter, actual property magnate Rick Caruso introduced that his firm would seek for a brand new chain to function the cinemas, as they’re anchor companies that carry prospects to outlets and eating places at the 2 malls.

While the 14-screen Pacific Grove and the 18-screen Pacific Glendale at the Americana each noticed their numbers decline previous to the pandemic, they ranked among the many high 20 highest-grossing cinemas in 2019 with a mixed $23.8 million in ticket income.

“The Grove and The Americana at Brand theatres are among the most successful theatres in the greater Los Angeles area, and we look forward to delivering the high-quality experience for guests visiting these theatres that AMC is known for in the Los Angeles area and nationally,” AMC CEO Adam Aron mentioned in a press release. “AMC is proud to be expanding in the movie-making capital of the world. And we are eager to get started as soon as possible, showcasing for our guests at these two theatres the exciting lineup of movies scheduled throughout the rest of 2021.”

“Nothing can replace the movie-going experience. Even with the advancement of technology bringing content to us in the comfort of our homes, going to the movies remains an important part of our lives because nothing can ever replace the shared experience of being in a movie theater. Simply put, some movies are made to be enjoyed together,” Caruso added.AMC goals to reopen the multiplexes subsequent month and is in talks with property house owners for different places shuttered by Pacific and ArcLight for potential acquisition. Related tales from TheWrap:AMC Entertainment’s Stock Flops as 2021 Gains on Wall Street Are Cut in HalfAMC in Talks to Acquire Former Pacific Theaters Locations at the Grove and AmericanaHow Much Will the Meme Stock Surge Help AMC Theatres within the Long Run?
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