PEORIA, Ill. (WMBD) — Goodrich Quality Theaters is determined to keep its movie theaters open and running, the company said in a statement Thursday.
The statement can be read below:
Goodrich Quality Theaters, Inc, headquartered in Grand Rapids, Michigan has filed for chapter 11 bankruptcy. Up until this point, our leadership team has explored a variety of alternatives to keep the business going, however we ultimately determined that a court-supervised reorganization process and the stability and process it brings will put us in the best position to do what is in the best interests of our community that has supported us for so many years, as well as our various stakeholders. At this stage, we are confident that we will be able to keep our doors open and continue to show movies at all of our existing locations. Thank you for your continued support.Kelly Nash, Director of Marketing
KENTWOOD, Mich. (WOOD) — Metro Grand Rapids-based Goodrich Quality Theaters has filed for Chapter 11 bankruptcy protection.
Paperwork filed in federal bankruptcy court Tuesday shows Goodrich owes nearly $33 million to creditors including Disney, IMAX, Pepsi, Sony and Warner Brothers, among others.
Chapter 11 bankruptcy would allow the company to restructure its debts. It still has between $50 million and $100 million in assets, according to the documents.
Requests for comment from Goodrich and its attoney were not returned Friday.
The filing says the company will lose many of its theaters. No word on whether or not Willow Knolls Movie Theater in Peoria will be impacted.