Movie theaters are a tough business. It was tough even before the pandemic, when Cinemax Holdings USA, which operates CMX theaters, first declared bankruptcy.
This week, it began Chapter 11, Subchapter V bankruptcy proceedings for a second time. The movie theater chain operates 28 theaters around the country, including CMX Odyssey IMAX in Burnsville and CMX Chateau 14 in Rochester.
While it has begun Subchapter V proceedings, the company says it will continue to operate all of its theaters as usual and adds that employees will continue to receive their wages and benefits during the proceedings.
It will, with the support of an already secured lender, “reduce its [obligations], strengthen its balance sheet, and [restructure] its business.” The company plans to exit Subchapter V in the third quarter of this year…