Film-Tech Forum ARCHIVE: The Giants Begin To Fall

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Topic: The Giants Begin To Fall

Barry Floyd
Phenomenal Film Handler

Posts: 1079
From: Lebanon, Tennessee, USA
Registered: Mar 2000

posted 08-24-2000 07:44 AM

I met with the manager/projectionist of the Stones River 6 in Murfreesboro, TN last night. She was not allowed to talk about the bankruptcy, but she was very gracious and gave me a tour of their booth.

Once upstairs, I was pleased to see a mixture of projection equipment.

Strong Consoles, Christie Projectors, Strong Platters, and a mix of DTS, Kintek and SMART sound processors.

Playing on projector #1 - Me, Myself & Irene - to an EMPTY house.

She (the manager) said they were closing tomorrow. I asked her where she was being transferred to, and she simply said, "I'm not, they have no positions open for me".

She did show me how to "thread in frame", which was something I haven't been able to figure out in the basement. Always wondered what the framing lamp was for

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Mike Spaeth
Phenomenal Film Handler

Posts: 1129
From: Marietta, GA
Registered: Jul 2000

posted 08-26-2000 01:29 AM

This just in - Loews Cineplex announces today that they will probably default on their loan next month... The game of survivor is narrowing... AMC and Cinemark remain the only 2 of the top five to not file or default on a loan yet...

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Ian Price
Phenomenal Film Handler

Posts: 1714
From: Denver, CO
Registered: Jun 99

posted 08-26-2000 07:51 PM

The count!

Rialto Cinemas Lakeside, 5-screen art house. Changed operators and format. Still Holding our Breath.

UA Empire, 4 screen discount house, spitting distance from a state of the art 16-plex. Closed

UA Coddingtown Mall, 4 screen first run house. Closed

Roxy Stadium 14 Opened

Washington Square, 4 screen discount house. The last discount house in Sonoma County. Closed

Raven Theatre, detached big house. Reduced running hours. Closed Weekdays

Stay tuned, the year still has 4 months left in it.

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Kevin Crawford
Expert Film Handler

Posts: 207
From: Sacramento, CA, USA
Registered: May 2000

posted 08-26-2000 10:22 PM

Addition of closures and trade offs. The Downtown United Artists in Sacramento changed hands a few weeks ago to Century.

Last Thursday, UA Greenback 6 closed.

They still have 3 more in town. One next to 16 screens of Century does not book its 6 screens well. It has been some time since they have had more than three titles. The theatre they closed was booked far better. The other two are very close to Century theatres. By about a mile in both cases. Both megaplexes. Who's next?

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Paul Rich
Film Handler

Posts: 56
From: Murfreesboro, TN, 37128
Registered: Nov 1999

posted 08-27-2000 03:54 AM

In response to Barry's post about visting Stones River 6: I'm not sure which manager you're talking about, but the city manager (my boss) has told me that Carmike is doing great. We've got enough cash to take care of everything. We had more than enough money to keep from declaring Ch. 11. Carmike's just smart enough to pull back and take action before we get into real problems. Regal on the other had is in deep you-know-what.

You should come by the 16 and get a tour. I'd be glad to show you around.

- Paul

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Richard C. Wolfe
Master Film Handler

Posts: 250
From: Northampton, PA, USA
Registered: Apr 2000

posted 08-27-2000 09:45 AM

So since ven das da courts allow chapter 11 ven you gots lottsa money?

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Mike Spaeth
Phenomenal Film Handler

Posts: 1129
From: Marietta, GA
Registered: Jul 2000

posted 08-27-2000 11:22 AM

On the Carmike issue - I don't think it's a good sign when others in the industry refer to running a theater into the ground as "Carmiking" a theater... Nothing personal against Carmike employees, just a statement on how the company is run. Besides, if they have plenty of cash, why are they filing Chapter 11 (Bankruptcy)?

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Kevin Crawford
Expert Film Handler

Posts: 207
From: Sacramento, CA, USA
Registered: May 2000

posted 08-27-2000 06:25 PM

I have always noticed that managers, even district managers only find out stuff either the day before it is in the papers. Or from the papers. Corporate types do not like telling anybody anything that could be seen as bad.

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Russ Kress
Expert Film Handler

Posts: 202
From: Charleston, WV, USA
Registered: May 2000

posted 08-27-2000 06:43 PM

Not to insult anyone here...

But if these types of stories are floating about from multiple sources.....

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Dustin Mitchell
Phenomenal Film Handler

Posts: 1865
From: Mondovi, WI, USA
Registered: Mar 2000

posted 08-27-2000 11:10 PM

Rich Rich Rich Rich

Don't believe the hype. The day chapter 11 was declared, stock trading on the NYSE for CKE was halted. They are considering DELISTING the stock. My research has revealed we closed about 20 theatres nationwide this week (I'll post the list for verification later tonight or tommorrow). NO PROJECTION SUPPLY COMPANY WILL DO BUSINESS WITH US. In 2 or 3 months, screens are gonna start going down for lack of bulbs. Christie projectors will stop grinding due to lack of timing belts. This is the fall-Carmike can not stay alive until Thanksgiving, the next big cash time. True, Regal is FAR worse than Carmike. I wouldn't be surprised if they declared chapter 7 (liquadation). They are 1.8 BILION dollars in debt after all. But for Carmike, it is only going to get worse. Its all downhill from here.

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Mike Spaeth
Phenomenal Film Handler

Posts: 1129
From: Marietta, GA
Registered: Jul 2000

posted 08-28-2000 12:24 AM

Good point Dustin - actually Carmike resumed trading last week, but slipped to 11/16 a share. That's roughly .68/share! Is this true where you are as well, but around here Carmike doesn't put a penny into a building that isn't ABSOLUTELY necessary. So, unlike other companies that may have room to cut cap-ex expenses, Carmike really doesn't have any room at all to cut. If they go belly-up, what are you planning on as a new job?

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Dustin Mitchell
Phenomenal Film Handler

Posts: 1865
From: Mondovi, WI, USA
Registered: Mar 2000

posted 08-28-2000 01:30 AM

Yes Mike, that is true here too. Though our DM cares about his theatres physical condition and tries to get us approval whenever we need a repair. However, lack of funds has taken its toll. We are still a pretty nice place though, mostly because of all the maintanence work we do ourselves (shampooing the carpets, major seat repairs, etc).

As for what I plan to do? I highly doubt this particular location would close, or if it did that it would close for a long time. If it did, there would only be 6 first run screens in Eau Claire. If some area's are over-screened, that would be under-screened! And anyhow, worse comes to worse, An independent is puttin up a 10 plex in Menominee (another 20 minutes on to the drive).

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Paul Rich
Film Handler

Posts: 56
From: Murfreesboro, TN, 37128
Registered: Nov 1999

posted 08-28-2000 03:35 PM

---------------------------------------------
Besides, if they have plenty of cash, why are they filing Chapter 11 (Bankruptcy)?
---------------------------------------------

Simple, maximizing profit. You listen to any financial expert, and I've read and watched several, and they'll tell you that they were shocked that Carmike filed Ch.11.

As for distribution companies pulling prints and other services pulling out of Carmike, that's a temporary overraction to the "bankruptcy." And all of that is being taken care of.

-Paul

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Dustin Mitchell
Phenomenal Film Handler

Posts: 1865
From: Mondovi, WI, USA
Registered: Mar 2000

posted 08-28-2000 04:19 PM

Keep on believing the that Rich. I just know that I have about 5 projector bulbs that need replacement desperately and I can only get used ones, probably with a couple thousand hours on them already. This is becuase no projector supply company will do business with us. Why? Becuase they won't give Carmike the 3 million dollars in credit they want. So you'd think that if they had all this money, they'd be able to pay cash for stuff.

Chapter 11 is not a good thing. Its not something people take lightly Rich. No bank will ever loan money to Carmike again, ever. I'm sure all you hear is, "Don't worry, its all ok, don't worry." But this is all that I know, we closed down about 20 theatres last week. Some of them should have been closed down a long time ago. Some...

One question for you Rich: Are you a manager? No offense, but you see things different from this side. I've seen the invoices coming in on second, third, fourth notices. I've seen the phone bill let go until the day before they were going to cancel our service. And all that was in Janruary.

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Brad Miller
Administrator

Posts: 17775
From: Plano, TX (36.2 miles NW of Rockwall)
Registered: May 99

posted 08-28-2000 04:30 PM

Dustin, can you not pull petty cash for the absolute necessities?

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