Imax small in Edwards' eyes
Move part of ongoing bankruptcy reorg
A bankruptcy judge Monday approved a motion to end contracts with Imax at four California sites -- Irvine, Valencia, Ontario and Fresno -- and one each in Boise and Houston. Edwards will halt Imax operations at the sites effective Aug. 1, with Imax reportedly planning a $29 million writeoff for losses related to the closure.
Family-operated Edwards, set for 51% takeover by a group including financier Philip Anschutz and buyout firm Oaktree Capital, expects to emerge from its Chapter 11 bankruptcy in the fall. As part of those proceedings, exhib is seeking court permission to end leases at various money-losing properties.
An Edwards spokeswoman said the Imax theaters will be closed because "they weren't profitable." She said the sites will be converted either to commercial screens or another giant-screen format.
Other movie theaters shuttered by Edwards to date include several properties in Irvine, Laguna Beach, the Inland Empire and northern San Diego County. Circuit currently operates 58 theaters with 686 screens including the Imax properties.
