For the second time in five years, Cinemex Holdings USA, the company that operates the CMX Cinemas chain of dine-in theaters, has declared bankruptcy.
According to a news statement from Cinemex Holdings USA, the chain will keep running uninterrupted as it restructures its business operations.
CMX will continue to own and manage its assets. According to the release, the board of directors and current management will continue to run the company, and CMX’s operations will go on as usual.
The Mexican theater group Cinemex owns Cinemex Holdings USA, which debuted its first CMX Cinemas theater in the US in Miami in 2017.
With two sites in Alabama’s Gulf Shores and Tuscaloosa, the network currently operates 28 stores in eight states: Florida, Georgia, Illinois, Minnesota, North Carolina, Ohio, and Virginia.
Adversity is nothing new to CMX Cinemas. During the COVID-19 pandemic in 2020, it also declared bankruptcy.
According to the company, it intends to carry on with business as normal.
According to the announcement, CMX will continue to welcome patrons to its theaters as usual throughout the Subchapter V procedures.
According to the release, the company anticipates coming out of bankruptcy in the third quarter of the fiscal year 2025.
In order to protect its workers and emerge in a stronger and more viable long-term financial position to continue serving customers across the United States, the release states, CMX will work with its secured lender to reduce its obligations, strengthen its balance sheet, and restructure its business.
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