WEST LAFAYETTE, Ind. (WLFI) — Goodrich Quality Theaters has a new owner. According to a press release, Mason Asset Management and Namdar Realty Group have purchased substantially all of the assets, including the majority of the movie theaters, of Goodrich Quality Theaters, Inc. The theater had filed for chapter 11 bankruptcy in February 2020, just ahead of the COVID-19 shutdown.
The new name will be Goodrich Theater NewCo, LLC (New GQT).
Based in Great Neck, New York, Mason Asset Management and Namdar Realty Group are a real estate partnership based out of Great Neck, New York that specializes in owning and operating enclosed malls. The new owners have partnered with a theater operating company, VIP Cinemas, to manage and operate the twenty-two theaters.
“We are truly excited to be acquiring and reopening the GQT theaters and we remain optimistic about the future of the industry,” stated Mark McSparin, President of the New GQT. “We will reopen with the main objective of maintaining quality operations for our guests through cleanliness, customer service, and value. The Goodrich name has been in the theater business for 90 years and we believe that it is important to keep the name going for many more years to come.”
Mark McSparin further stated, “We are pleased to welcome the majority of GQT’s former general managers and staff to the New GQT team, and are aiming to facilitate a smooth transition to re-opening as early as July 31 at certain locations, pending developments in the COVID-19 crisis. The late-July opening will allow the New GQT time to be “ready, set, GO” for all guests ahead of this summer’s biggest hits, including Warner Brothers’ Tenet (August 12 release date) and Disney’s Mulan (August 21 release date).”
“One thing that you can expect right away is a reduction in concession prices, and in most cases, ticket prices. We have built our other theater operations on the promise of value and will continue to make that a hallmark of the New GQT operations,” VP of Theater Operations, Jake McSparin shared.