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Movie House Owners Face Rough Ride

SEATTLE, WA-With national cinema chains heading to bankruptcy court and closing up less profitible theaters, theater building owners are busy wondering what to do in the event their buildings go quiet.

By Janet Parker | Updated on March 21, 2001

SEATTLE, WA-Theater building owners here are feeling nervous these days, and with good reason. Mark C. Anderson of the Bellevue office of Colliers International tells GlobeSt.com that four or five area theaters have been closed recently and at least that many are on the way there.

Anderson, who specializes in malls and theater properties, recently compiled information for an in-depth report on behalf of Colliers. His report lists six theater chains that have already filed for bankruptcy, including five of the top ten. According to Anderson’s report, bankruptcy laws allow the companies to “reject all under performing leases (typically those with smaller, older theaters) and emerge with their biggest and best, newest multiplexes intact.”

No one knows for sure how deep the cut in the Seattle area will go. “Every owner is nervous at this point,” says Anderson. His belief is that any theater property with fewer than 10 screens is at risk of being closed.

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