Mason Asset Management and Namdar Realty Group have purchased the Hastings 4 Theater and substantially all of the assets of Goodrich Quality Theaters (GQT) out of GQT’s chapter 11 bankruptcy proceedings. GQT filed for chapter 11 bankruptcy in February 2020, just ahead of the COVID-19 shutdown.
Based in Great Neck, New York, Mason Asset Management and Namdar Realty Group are a real estate partnership that specializes in owning and operating enclosed malls, and believes that the GQT theater chain is a natural fit for their portfolio. They will operate under the name Goodrich Theater NewCo, LLC (“New GQT”).
“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.”
Mason Asset Management and Namdar Realty Group have partnered with a theater operating company, VIP Cinemas, to manage and operate the twenty-two New GQT theaters. The theater locations include twelve in Michigan, seven in Indiana, two in Missouri, and one in Illinois.
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 re-opening, if permitted in this state by Michigan Governor Gretchen Whitmer, would 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.
The New GQT will honor GQT gift cards and the GQT Rewards program, subject to applicable law. The New GQT will post its safety plans for the New GQT theaters on the GQT website as soon as possible and prior to the re-openings.
MICHIGAN THEATERS (11) INDIANA THEATERS (7)
Ada-Lowell, MI (Ada-Lowell 5) Brownsburg, IN (Brownsburg 8 GDX)
Ann Arbor, MI (Quality 16) Huntington, IN (Huntington 7)
Battle Creek, MI (West Columbia 7) Huntington, IN (Huntington Twin Drive-In)
Bay City, MI (Bay City 10 GDX Lafayette, IN (Eastside 10 IMAX)
Cadillac, MI (Cadillac 4) Lafayette, IN (Lafayette 7)
Hastings, MI (Hastings 4) Lebanon, IN (Lebanon 7)
Holland, MI (Holland 7) West Lafayette, IN (Wabash Landing 9)
Jackson, MI (Jackson 10) MISSOURI THEATERS (2)
Kalamazoo, MI (Kalamazoo 10) Columbia, MO (Forum 8)
Oxford, MI (Oxford 7) Jefferson City, MO (Capital 8)
Port Huron, MI (Krafft 8) ILLINOIS THEATER (1)
Three Rivers, MI (Three Rivers 6) Peoria, IL (Willow Knolls 14)