A popular movie theater chain with a location in a busy suburban Chicago mall has filed for bankruptcy, according to a press release.
Cinemex Holdings USA Inc., known to movie goers as CMX, has entered “Subchapter V proceedings” in an effort to “position the company for long-term growth,” the release said. The proceedings seek to restructure CMX’s business, the release said, “while protecting its employees and emerging in a stronger and more viable long-term financial position to continue serving customers across the United States.”
The Miami-based movie theater chain, with a CMX “Luxury” theater at Westfield Old Orchard Mall in Skokie, went on to say that part of the restructuring includes evaluating its lease portfolio and negotiating improved lease terms.
According to the release, CMX expects to operate its movie theaters “in the ordinary course of business” as the proceedings continue, with as little disruption to customers venders, supplies and employees as possible.
“In addition, CMX expects employees will continue to receive their usual wages and benefits without interruption,” the release said. “CMX’s available cash reserves, along with cash generated by operations, are expected to provide sufficient liquidity to meet ongoing obligations—including post-petition payments to vendors and suppliers, as well as wages, salaries, and employee benefits.”
CMX’s Old Orchard location, dubbed “The VIP Cinema Experience,” includes a full bar and lounge, restaurant, reserved recliner seating and more.
