After years of struggling to regain its pre-pandemic glory, the owners of Alamo Drafthouse may finally be ready to hand over the keys.
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The Texas-based theater chain, famous for giving moviegoers the option of having food and drinks delivered right to their seats, is being pitched for sale, according to Deadline. Studio executives in Hollywood have been approached to gauge their interest in buying the business, unnamed sources told the publication.
Alamo Drafthouse was founded by husband-and-wife duo Tim and Karrie League in Austin in 1997. Company representatives didn't respond to Bisnow’s request for comment.
This isn’t the first indication of trouble brewing at the Drafthouse. The company filed for Chapter 11 bankruptcy protection in March 2021 amid severe financial troubles brought on by the coronavirus pandemic. It continued operating as it restructured the business, and by early 2023, the company was back in growth mode.
But the industry’s comeback hasn't been as strong as some had hoped. The global box office collected $2.25B this January, down from $3.6B a year prior, according to Gower Street Analytics. Many consumers are still opting to stream movies at home, which has resulted in the loss of thousands of movie screens over the past several years.
Alamo Drafthouse has 41 locations across 13 states. It is unclear how much the business is being marketed for or whether there are any bidders, Deadline reported.
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