Cinema Chain Alamo Drafthouse Plans Bankruptcy Sale to Fortress-Led Investors

Alamo Drafthouse Cinemas Holdings LLC, a theater chain offering moviegoers seat-side food service, beer and themed cocktails, has filed for bankruptcy while planning to sell the business to Fortress Investment Group LLC and other investors. Austin, Texas-based Alamo became the latest theater business forced into chapter 11 as a result of seismic changes to the movie industry during the COVID-19 pandemic. Cinemas across the U.S. either remain closed or are operating at reduced capacity while major film studios either delay or bypass theater releases in favor of streaming services.

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