Miami-based movie-theater chain files for bankruptcy amid coronavirus economic crisis
A Miami-based movie-theater chain with locations at Dolphin Mall, Brickell City Centre and throughout South Florida has filed for Chapter 11 bankruptcy amid the economic crisis caused by the novel coronavirus.
CMX Cinemas, which acquired Cobb Theatres in 2017, operates about a half-dozen movie theaters in Miami-Dade County, including the CinéBistro theaters at Dolphin Mall and CityPlace Doral. The company runs theaters in 12 states.
On Friday, the chain’s parent companies — Cinemex Holdings USA, Inc. and Cinemex USA Real Estate Holdings — filed for bankruptcy protection and reorganization in Miami.
In a statement, CMX Cinemas said it had experienced a “total suspension of our business” due to the COVID-19 pandemic, which has led to the closure of most non-essential businesses across the country.
“We are in a state of complete uncertainty as to when we can re-open our theaters and when our customers will feel safe and secure in returning to them given that there is presently no vaccine against the virus,” a company representative wrote in a statement. “We cannot forecast when — if ever — customer numbers will return to pre-crisis levels.”
CMX is controlled by billionaire German Larre, Mexico’s third-richest man. The company had planned an expansion into Houston prior to the nationwide economic shutdown, which led to the biggest single-month decline in U.S. employment since early 2009. The crisis has taken nearly 30% of the U.S. economy offline.
CMX backed away from a planned merger with the Star Cinema Grill chain over coronavirus fears. The decision sparked a lawsuit this month.
This story was originally published April 25, 2020 at 4:28 PM.
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