The embattled exhibitor, with in all 16 locations, has instead filed for Chapter 7 bankruptcy to liquidate its remaining assets for its creditors, the company said on Friday.
Rival exhibitors like AMC, Cinemark and Marcus Theaters are expected to be kicking the tires at Pacific Theatres to see if they can pick up additional theaters.
The Chapter 7 bankruptcy filing is not expected to impact an earlier deal for AMC to assume the leases and operations of Pacific Theatres’ The Grove location in Los Angeles and The Americana in Glendale.
Arclight and Pacific Theatres had operated more than 300 screens in California, including the coveted Cinerama Dome in Hollywood, before facing the impact of the pandemic and theater closures in the last year.
Throughout the decades, the Dome in particular has been a favorite site to stage premieres — it timed its opening to the global launch of It’s a Mad, Mad, Mad, Mad World — and is beloved among many cinephiles.
In recent years, the ArcLight Hollywood complex has been a bastion for both first-run movies and independent titles and was among the first L.A.
The Pacific side of the aisle includes such popular locations as the Grove in West Hollywood.