SMG opens to movie-goers in 7 states: CA, FL, GA, IL, TX, and IN. PA in May
Studio Movie Grill Holdings LLC, (“SMG”) announced that it has successfully emerged from Chapter 11 bankruptcy. The Northern District of Texas (Dallas Division) Bankruptcy Court approved its Plan of Reorganization at a hearing on March 26, 2021. According to a spokesperson for the brand, SMG was one of the few Top 15 movie chains to remain open throughout the pandemic, leveraging its restaurant kitchens for curbside takeout and partnering with GrubHub for delivery orders.
As the exhibition industry resurfaces from a truly historic period, SMG is operating 17 locations in five states with two remaining locations in Indianapolis and Upper Darby (Philadelphia) scheduled to reopen on April 29th and May 27th, respectively. The brand will complete its line-up of 19 open locations in seven states in time for Memorial Day weekend. Additionally, SMG will complete construction later this year in Alpharetta, GA on a new Northpoint location, strategically located within miles of one of the largest malls in the country. SMG Northpoint will house over 1,300 recliners and 14 screens, continuing its focus on the successful Atlanta market.
SMG also announced today that longtime CFO/COO, Ted Croft, will lead SMG as CEO. Croft was instrumental in securing funding for SMG’s rapid growth over the last decade and will now focus his attention on company profitability and sustainability amid an even more complex entertainment marketplace. Prior to joining SMG in 2011, Ted consulted with large investment groups on the acquisition and divestiture of portfolios that included major brands and national franchises. His career spanned three Brinker International concepts, including the enormous success of Macaroni Grill, and culminating as CFO of Corner Bakery. “This has been a challenging time for the industry and the brand,” Croft said. “It’s a testament to SMG’s founder, team members, and our other stakeholders, that we’re standing here today delivering a best-in-class experience to folks getting out of their homes and safely back into theaters.”
SMG has also partnered with NATO (National Association of Theater Owners), further aligning its own “Simple, Safer Ways to Enjoy the Show” message with the national #CinemaSafe program. “In a recent survey of more than 50,000 SMG Guests attending a location in the last 6 months, our ‘Simple, Safer Ways to Enjoy the Show’ safety and sanitation strategy earned SMG a 95% in cleanliness and 97% in safety,” said Sheri Lawrence, VP of Learning and Development.
For all movie fans, 2021 has been good for the Box Office with titles like “Tom & Jerry” (WB), “Nobody” (Universal), and “Godzilla vs. Kong” (WB). SMG is eagerly anticipating the release of other blockbuster titles including “Mortal Kombat” (WB, April 23), “A Quiet Place II” (Paramount, May 28), “Cruella” (Disney, May 28), and “Fast & Furious 9” (Universal, June 25). For additional information please visit FB, IG, or studiomoviegrill.com.
Studio Movie Grill was advised through its reorganization by the Law Offices of Frank J. Wright, PLLC, as legal counsel, CR3 Partners, LLC, as bankruptcy advisor, EFA Partners LLC, as investment banker, and Keen-Summit Capital Partners LLC, as lease restructuring advisor. The company’s prepetition secured lenders (affiliates of Goldman Sachs and Crestline Investors, Inc.), who will provide debt financing and acquire equity in SMG under its Plan of Reorganization upon emergence, were represented by Vinson & Elkins LLP and Jones Day respectively, and FTI Consulting, Inc. served as financial advisor.
About Studio Movie Grill
Conceived in 1993, Studio Movie Grill (“SMG”) was the first exhibitor to modernize the traditional movie-going experience by combining first-run movies with full-service, in-theater dining. In 2019, 50 films put SMG in the top 10 at the National Box Office. SMG placed 13th in Box Office Magazine’s Giants of the Industry in 2021. Honoring its commitment to Opening Hearts and Minds, One Story at a Time, SMG’s legacy outreach programs include Special Needs Screenings (programming returns April 24), and its loyalty program, SMG Access, which supports underserved community members. Conceived in 2018, SMG Access, in partnership with SMG Guests across the country, has earned over 44,000 free movies and meals. For additional information, visit studiomoviegrill.com.