AMC Entertainment buys seven Bow Tie Cinemas locations
The locations will convert to their new brands in mid to late April
Charlie Gasparino: AMC is recognizing the movie theater business is going to be tough
Gasparino provides insight on AMC's financial situation on 'The Claman Countdown.'
AMC Entertainment has struck a deal to acquire seven former Bow Tie Cinemas locations with 66 screens, including five in Connecticut, one in upstate New York and one in Annapolis, Maryland. The new Connecticut theater locations will double AMC's overall presence in the state.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AMC | AMC ENTERTAINMENT | 4.49 | +0.04 | +0.90% |
"Our theater acquisition strategy makes AMC a better and stronger company as we move forward on our glidepath to recovery," AMC Entertainment CEO Adam Aron said in a statement.
AMC ENTERTAINMENT CEO CONSIDERING MORE ‘TRANSFORMATIONAL’ M&A DEALS AFTER HYCROFT STAKE: REPORT
The locations, which will temporarily close for two weeks starting at the end of business on April 17, will convert to their new brands in mid to late April. The specific locations and reopening dates are as follows:
Friday, April 22
- AMC Marquis 16, 100 Quarry Road, Trumbull, Connecticut 06611 (formerly Bow Tie Ultimate Marquis 16 & BTX)
- AMC Majestic 6, 118 Summer St., Stamford, Connecticut 06901 (formerly Bow Tie Ultimate Majestic 6 & BTX)
- AMC Annapolis Mall 11, 1020 Annapolis Mall Road, Annapolis, Maryland 21401 (formerly Bow Tie Ultimate Annapolis Mall 11)
Saturday, April 23
- AMC Landmark 8, 5 Landmark Square, Stamford, Connecticut 06905 (formerly Bow Tie Ultimate Landmark 9)
Friday, April 29
- AMC Saratoga Springs 11, 19 Railroad Place, Saratoga Springs, New York 12866 (formerly Bow Tie Criterion Cinemas 11 & BTX)
- AMC Royale 6, 542 Westport Ave., Norwalk, Connecticut 06851 (formerly Bow Tie Ultimate Royale 6)
Saturday, April 30
- AMC SoNo 8, 64 N. Main St., Norwalk, Connecticut 06854 (formerly Bow Tie Ultimate Regent 8)
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Upon returning to the converted locations, guests will be able to take advantage of AMC's most popular programs and amenities such as recliner seating in some locations and Coca-Cola Freestyle machines with more than 100 choices and free refills. Bow Tie Cinemas locations that previously served alcohol will continue to offer wine, beer and liquor and be rebranded under AMC's MacGuffins brand.
AMC Entertainment has struck a deal to acquire seven former Bow Tie Cinemas locations with 66 screens, including five in Connecticut, one in upstate New York and one in Annapolis, Maryland. (AP Photo/Keith Srakocic / AP Newsroom)
While the converted theaters will no longer honor Bow Tie Cinemas Criterion Club rewards, impacted customers who sign up for AMC Stubs with the same email used for their account will be rounded up to the next Criterion Club award they would have received under the program.
Bow Tie Cinemas discount tickets can be redeemed at the converted locations by emailing or visiting AMC guest services.
CLICK HERE TO READ MORE ON FOX BUSINESS
The seven former Bow Tie Cinemas locations are the latest additions to the AMC circuit, following previous theater acquisitions in the Los Angeles, San Diego, Washington, D.C., and Chicago markets, which have already reopened or will reopen in 2022. AMC has a total of approximately 950 theaters and 10,500 screens across the globe.
The company emphasized that it intends to retain all associates at the newly acquired Bow Tie Cinemas locations. It also remains in "active discussions" with other property owners regarding additional locations.
Meanwhile, Bow Tie Cinemas chief operating officer Joseph Masher told FOX Business that the company will continue to operate its six locations in Richmond, Virginia; New Haven, Connecticut; Schenectady, New York; Ridgewood, New Jersey; Basalt, Colorado, and Manhattan. It is also planning to enter the Luxury Entertainment Center business and add new theater locations.