Two mainstay venues of the Sundance Film Festival are at risk after their owner declared bankruptcy. Metropolitan Theaters Corporation, a Los Angeles-based company that operates both the Redstone 8 and the Holiday Village Cinemas 4 in Park City, Utah, filed for Chapter 11 bankruptcy on February 29.
According to its bankruptcy filing, Metropolitan holds nearly $8 million in loans and owes more than $300,000 to the landlords of its 15 theaters. The bankruptcy is Chapter 11, meaning the company would attempt to reorganize its assets rather than liquidate.
Planning for Sundance 2025 is still under way and it’s possible that the reorganization may leave one or both theaters open. However, any loss could be a blow. This year, the festival consciously cut down on the number of venues it operated, ceding the Yarrow to Slamdance. It also stopped using the Marc or the Temple after Covid. More screenings moved to Salt Lake City as a result.
Redstone Cinema...
According to its bankruptcy filing, Metropolitan holds nearly $8 million in loans and owes more than $300,000 to the landlords of its 15 theaters. The bankruptcy is Chapter 11, meaning the company would attempt to reorganize its assets rather than liquidate.
Planning for Sundance 2025 is still under way and it’s possible that the reorganization may leave one or both theaters open. However, any loss could be a blow. This year, the festival consciously cut down on the number of venues it operated, ceding the Yarrow to Slamdance. It also stopped using the Marc or the Temple after Covid. More screenings moved to Salt Lake City as a result.
Redstone Cinema...
- 14/03/2024
- par Brian Welk and Dana Harris-Bridson
- Indiewire
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