Studio Movie Grill returns to the cinema
Studio Movie Grill, which lost much of its business when the country closed its doors last year and studios stopped releasing films, is coming out of its pandemic shell.
The Dallas-based company emerged from bankruptcy last month. On Wednesday, he named a new CEO in longtime CFO Ted Croft. It currently operates 17 locations and plans to open two more, in Indianapolis on April 29 and Philadelphia on May 27.
He hopes the vaccines and the release of more movies, along with a bit of pent-up demand, will bring people to his theaters with full restaurant menus.
Studio Movie Grill was one of the fastest growing companies of its kind more than a year ago, but the pandemic has depleted its cash reserves. The company only had $ 100,000 in cash when it filed for bankruptcy in October.
It also had 33 locations. The company will emerge with a smaller number of locations, although it hopes to complete construction of a new location near a major shopping center in Alpharetta, Georgia later this year.
“It’s been a tough time for the industry and the brand,” Croft said in a statement. “It is a testament to the founder of SMG, team members and our other stakeholders that we are here today to provide a first-class experience for people who leave their homes and return safely to cinemas. “
Studio Movie Grill noted that 2021 has been good so far with titles such as Tom & Jerry, Nobody, and Godzilla vs Kong. But he’s also waiting for new titles like Mortal Kombat, A Quiet Place II, Cruella, and Fast & Furious 9.
Croft had been CFO and COO of Studio Movie Grill and first joined the company in 2011. Prior to that he worked with a number of restaurant chains including Macaroni Grill and Corner Bakery.