Greater Lafayette's movie theaters are set to open as early as July 31, after they were sold to two New York companies earlier this week.
After filing for bankruptcy in February and closing all theaters shortly after, Goodrich Quality Theaters has been purchased by Mason Asset Management and Namdar Realty Group, a Friday morning press release states.
The two companies, both based in Great Neck, New York, have acquired “substantially all of the assets, including the majority of the movie theaters."
The two companies own and operate dozens of shopping malls across the country, the release states. In partnership with VIP Cinemas, an Illinois-based company, the realty groups formed a new limited liability company called Goodrich Theater NewCo.
GQT was put up for sale on March 11, according to court documents, and the sale was closed on Monday, per the press release.
Robert Goodrich, founder and owner of GQT, owed over $32 million in debt and $916,000 in "fees, interests, costs and expenses ... arising from an early termination" of a trade agreement, according to court documents filed last month.
"(Goodrich) no longer has any involvement," said Matt McSparin, vice president of administration and finance, in a phone call Friday.
“We are truly excited to be acquiring and reopening the GQT theaters and we remain optimistic about the future of the industry,” President Mark McSparin said in the press release. “We will reopen with the main objective of maintaining quality operations for our guests through cleanliness, customer service, and value. The Goodrich name has been in the theater business for 90 years and we believe that it is important to keep the name going for many more years to come.”
He added that the new company plans to retain the majority of GQT’s former staff and general managers. The realty companies' public relations team confirmed Friday that there are no plans to close any of the theaters that were operational prior to the shutdown.
"We're super excited about all three," Matt McSparin said on the three Greater Lafayette theaters. The plan is to have Eastside 10 on Farabee Drive open on July 31, he said.
The other two, Lafayette 7 on McCarty Lane and Wabash Landing 9 on State Street, should open on the same day or "shortly after," within the first weeks of August, Matt McSparin added.
“One thing that you can expect right away is a reduction in concession prices, and in most cases, ticket prices," Vice President of Theater Operations Jake McSparin said in the press release. "We have built our other theater operations on the promise of value and will continue to make that a hallmark of the New GQT operations.”
New GQT will honor GQT gift cards and the GQT Rewards program, per the press release. New GQT will post its safety plans for its theaters on the GQT website as soon as possible, prior to the scheduled re-openings.
All New GQT locations across the Midwest will also begin opening as soon as July 31, pending COVID-19 developments, the release states, and the company is searching for new team members "of all ages to fill remaining job openings."