GRAND RAPIDS, MI (WMBD) — Mason Asset Management and Namdar Realty Group announced that it has purchased all the assets of Goodrich Theaters Monday.
Goodrich Quality Theaters filed for chapter 11 bankruptcy in February, before the start of the COVID-19 shutdown. Mason Asset Management and Namdar Realty Group believe that the Goodrich Quality Theater chain is a natural fit for its robust portfolio.
Theater operating company VIP Cinemas will be operating the 22 New Goodrich Quality Theaters, Including Willow Knolls 14 in Peoria.
President of the New GQT Mark McSparin said they will be welcoming the majority of GQT’s former staff to the New GQT team.
“We are pleased to welcome the majority of GQT’s former general managers and staff to the New GQT team, and are aiming to facilitate a smooth transition to re-opening as early as July 31 at certain locations, pending developments in the COVID-19 crisis,” McSparin said. “The late-July opening will allow the New GQT time to be “ready, set, GO” for all guests ahead of this summer’s biggest hits, including Warner Brothers’ Tenet and Disney’s Mulan.”
New GQT VP of Theater Operations Jake McSparin stated guests should expect a reduction of concession prices when their theaters reopen.
“One thing that you can expect right away is a reduction in concession prices, and in most cases, ticket prices. We have built our other theater operations on the promise of value and will continue to make that a hallmark of the New GQT operations,” McSparin said.
The New GQT will post their COVID-19 safety plan on its website before theaters reopen.
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