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

• Goodrich Riverview 14 GDX -- Gibsonton

Illinois

• Goodrich Randall 15 IMAX -- Batavia
• Goodrich Kendall 11 GDX -- Oswego
• Goodrich Willow Knolls 14 -- Peoria
• Goodrich Savoy 16 IMAX -- Savoy

Indiana

• Goodrich Brownsburg 8 GDX -- Brownsburg
• Goodrich Huntington 7 -- Huntington
• Goodrich Huntington Twin Drive-In Theatre -- Huntington
• Goodrich Eastside 10 IMAX -- Lafayette
• Goodrich Lafayette 7 -- Lafayette
• Goodrich Cinemas Lebanon 7 -- Lebanon
• Goodrich Hamilton 16 IMAX + GDX -- Noblesville
• Goodrich Portage 16 IMAX + GDX -- Portage
• Goodrich Wabash Landing 9 -- West Lafayette

Michigan

• Goodrich Quality 16 -- Ann Arbor
• Goodrich W. Columbia 7 Theater -- Battle Creek
• Goodrich Bay City 10 GDX -- Bay City
• Goodrich Cadillac 4 -- Cadillac
• Goodrich Grand Haven 9 -- Grand Haven
• Goodrich Hastings 4 -- Hastings
• Goodrich Holland 7 -- Holland
• Goodrich Jackson 10 -- Jackson
• Goodrich Kalamazoo 10 -- Kalamazoo
• Goodrich Ada-Lowell 5 -- Lowell
• Goodrich Oxford 7 -- Oxford
• Goodrich Krafft 8 -- Port Huron
• Goodrich Quality 10 GDX -- Saginaw
• Goodrich Three Rivers 6 -- Three Rivers

Missouri

• Goodrich Forum 8 -- Columbia
• Goodrich Capital 8 -- Jefferson City

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!

Related News Articles

• Goodrich Quality Theaters files for bankruptcy -- Holland Sentinel [Feb 29, 2020]
• ’I never anticipated this,' says owner of Michigan theater chain now in bankruptcy -- MLive [Feb 28, 2020]
• Michigan movie theater chain files for bankruptcy -- MLive [Feb 28, 2020]
• Goodrich Quality Theaters files for Chapter 11 bankruptcy -- MiBiz [Feb 28, 2020]