Community concerned after theater company files for bankruptcy

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SAVOY, Ill. (WCIA) — Some are concerned for the future of their movie theater. This comes after Savoy 16’s parent company filed for bankruptcy last week. Goodrich Quality Theaters owns Savoy 16, as well as theaters in four other states. The bankruptcy announcement got a lot of people talking about the future of the Savoy location. Today we tried to get some answers.

We called Goodrich several times today, but we were only sent to their voicemail. We also contacted them over the weekend, but they still have not answered our questions. A lot of you are concerned after hearing this news, as to what is next.

Goodrich owes $33 million to its creditors. The company is based in Michigan, but they have 30 locations in five different states. We talked to some who were surprised to hear about the bankruptcy filing. They say the theater here is busy almost every time they go. On the other hand, some say more people are watching movies at home because they say it’s too expensive to go to the movies.

“You’re paying between $8 and $10 for a ticket. If you go to the bigger theaters, the IMAX, you’re gonna pay more. You know, it’s just… by the time you pay for popcorn, anything. Even for two of you, it’s an easy $50. A lot of people don’t have money for that,” said movie goer Melissa Sommer.

“I couldn’t believe it. We go there quite a bit. We love going there and are probably gonna go to a movie next week, in fact. I hate to see it,” said movie goer Lloyd Duitsman.

We also talked to some of the businesses surrounding this theater. They said they are concerned about the impact if the theater were to close.

It’s important to remember Goodrich filed chapter 11 bankruptcy. In general terms, that is based around re-organization. Court documents show Goodrich still has between $50 million and $100 million in assets.

Goodrich has locations in five different states. That includes Illinois, Indiana, Missouri, Michigan, and Florida. As of right now, none of them are closing.

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