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Muvico Sells Four Theaters in Florida and Maryland to Cinemark

Posted on Saturday, March 21st, 2009 9:40 AM by Scott Jentsch

The country's economic troubles aren't limited to real estate, banks, unemployment, and our shrinking 401k's, as proven by Muvico's recent sale of three theaters in Florida and one in Maryland as a way of saving the company.

According to an article in The Miami Herald, the Florida-based theaters are the Paradise 24 in Davie, the Palace 20 in Boca Raton, and the Boynton Beach 14 in Boynton Beach. It doesn't mention the Maryland location by name, but the only Muvico location in that state is the Egyptian 24 in Hanover. Cinemark Vice President James Meredith said the company would take over operations on Thursday, March 19th.

''We're very excited to add these high-quality theaters,'' said Meredith, vice president of marketing and communications for Cinemark, who declined to reveal the terms of the deal. ``We view [South Florida] as one of the top markets in the country.''

All Muvico theater employees have been offered jobs with Cinemark, Meredith said. Cinemark will also honor all Muvico prepaid tickets or discount coupons until the end of May.

''Our goal is to implement a seamless transition,'' he said. ``For right now we want to make sure the customer doesn't experience any change.''

The sale leaves Muvico with 10 locations and an uncertain future. Muvico executives appear to be confident, but there's no way to know if that's the usual PR bluster or if the company will accomplish its new goals.

Click the read link below to view the entire article.



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