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Goodrich Quality Theaters Files for Bankruptcy

Posted on Monday, March 2nd, 2020 4:27 PM and updated on Monday, March 2nd, 2020 6:55 PM


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Goodrich Quality Theaters, Inc. has filed for Chapter 11 bankruptcy, according to articles published recently in several news outlets. The company operates 30 locations in five states and is based in Kentwood, Michigan.

MiBiz published an article (see list below) that quotes Bob Goodrich, the company's owner:

Bob Goodrich, owner of the closely held company, chalked up the company’s problems to a variety of factors, namely that streaming services such as Netflix have taken away audience for traditional movie theaters. As a result, business was down “not horribly” by 5-6 percent in 2019, he said.

“Without a clear crystal ball, I invested in remodeling five or six theaters and installed a new IMAX in Lafayette, Indiana,” Goodrich told MiBiz by phone today. “We’re struggling with the result of streaming taking our audience away. I misjudged and spent too much, and we’re left with a cash poor business. But I’m very optimistic we will come out of that.”

“We are still a cash flowing company, but it is inadequate to pay our bank debt,” Goodrich added. “We filed for Chapter 11 to try to resolve our issues. We are hopeful that will yet occur.”

Goodrich Quality Theaters Locations

Florida

Illinois

Indiana

Michigan

Missouri

The theaters remain open at this time, but if you have gift cards and passes to use, now would be the time. Gift cards often become useless as companies are sold/restructured, as they are unsecured debt that future owners rarely want to accept as part of the transaction.

Thanks to reader Ron H. for passing this news along!

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