The company said it has worked to cut expenses and lease expenses to improve cashflow. SMG closed all of its theaters for three months and, even now, just 21 of its theaters are open, at a limited capacity. It received its $75 million investment from TowerBrook Capital Partners in 2019. In 2018 the company was the fastest growing company-owned theater chain. The chain operates a full-service bar and features a full-service menu of burgers, chicken and bento boxes at theaters featuring luxury recliners, laser projection and buttons on seats to call servers. Theater chains have taken steps to get customers in, but consumers are also worried about the pandemic.īrian Schultz founded SMG in 1993. Movie studios have delayed several films the chains rely upon for their business. The pandemic has forced the closure of theaters in many states. According to data from the financial information firm Facteus, movie theater sales have been down at least 83% every week for the last three months, and as much as 95%. It’s easy to see why: Sales at theaters are just a fraction of what they were a year ago. The theater chain giant AMC warned that it may not survive the pandemic, while Regal Cinemas recently suspended operations at all of its locations. The pandemic has been bad for restaurants and worse for the movie theater industry. “SMG anticipates that demand for its services will remain very tenuous until theaters are able to return to full capacity and major motion pictures resume being released for first-run theater showings.” “It remains unknown how long the COVID-19 pandemic will persist and how long the market effects will continue thereafter,” William Snyder, chief restructuring officer for Studio Movie Grill (SMG), wrote in a court document filed Sunday.

Studio Movie Grill hopes to use the bankruptcy process to renegotiate with its lenders, landlords and movie studios to survive the pandemic.

Smg movie ticket prices