posted 08-28-2009 01:15 PM                    

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New ownership plans to reopen Spanish Fork movie theater



SPANISH FORK -- Red Carpet Cinemas, a locally owned theater chain that operated Spanish 8 in Spanish Fork, quietly closed its business over the last two weeks because of financial difficulties.

Last month, JL Theatres Corp., which operates Gateway 8 Cinemas in Bountiful, Showcase 6, a discount movie theater in Taylorsville, and 5-Star Cinemas in Magna, had its film projection equipment and other assets foreclosed on by two banks after it defaulted on two loans. Spanish 8 and Showcase 6 closed late last week, while Gateway 8 and Five-Star Cinemas closed on Aug. 7.

Banco Popular North America sued JL Theatres last year after it defaulted on a $1.4 million loan, while Celtic Bank sued the company after it defaulted on an equipment loan.

But the four theaters, which have a total of 27 screens playing first-run and discount movies, are expected to reopen shortly under new ownership.

Banco, on July 31, sold JL's equipment inventory to M3B Partners LLC, a group of investors with Utah ties, who have plans to reopen the theaters under a new brand shortly.

"During the transition and change of management the theater may experience a temporary dark period. We don't want our customers to think we are closed or gone for long. We will work very hard to get the theatre back up and running as quickly as possible," said Spencer Marsden, an M3B investor in Texas as well as a University of Utah alumnus.

Marsden and two other investors, Brigham Young University alumni Jared Sine and Matt Brice, are planning to open an office in Utah to manage the theaters and other investments.

An attorney for JL Theatres could not be reached for comment on the lawsuits.

Marsden said the theaters' closure was probably because it was "overleveraged," meaning it had too much debt.

"These are great community theaters. And they had good revenue to support a good amount of debt, but not $2 million worth of debt," he said. "We're planning to make the theaters great community theaters, and will upgrade some of the equipment so the theaters have 3-D capability. We're also working with the community to provide jobs."

Marsden said the investors are in the process of negotiating new leases with the landlords of all four theaters including General Growth Properties, which owns the theater in Bountiful; Boyer Group, which owns the Showcase building; and a local real estate company, which owns the Magna property.

The Spanish Fork theater and a majority of its equipment are part of a four-acre property owned by Intermountain Healthcare, he said.

"Intermountain Healthcare bought that property along with 35 acres adjacent to it about two years ago with the intention of putting a medical facility on that site when there's enough population to support it," said Daron Cowley, Intermountain Healthcare's spokesman. "But currently, we're trying to find another theater tenant for that location."

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posted 08-28-2009 06:01 PM                       

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Moviegoers in the metropolitan Boston area just got another option for seeing movies! The Showcase Cinema de Lux Legacy Place opened today in Dedham, Massachusetts, near the intersection of Providence Highway (Route 1) and Route 128/Interstate 95 (view map of area surrounding theater).

The new theater has 15 screens, with at least three equipped with 3D Digital Cinema Projection systems. It also offers a premium, reserved-seating concept called Lux Level in four screens, which features in-seat dining, and the Lux Level Lounge where patrons can relax before or after the show and enjoy appetizers and beverages, including cocktails.

If you don't want to eat at the theater, Legacy Place has some options for you, including P.F. Chang's, Qdoba Mexican Grill, Yard House, and others. For more options, check out the Places to Eat page for the theater, where you can find a map powered by Google Maps that shows area eating establishments, and you can search for types of food and restaurant names.

Built on the site of the Showcase Cinemas Dedham, the Legacy Place location was announced by National Amusements last April, and it was planned at the time for a Summer 2009 opening, so they arrived on schedule! As soon as we can get hold of a press release or some news coverage, we'll be able to supply more information about the theater.

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posted 08-29-2009 10:14 PM                    

quote: Bill Enos

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An inauspicious opening for the new D.I., it rained heavily all evening.

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Still, according to Facebook everyone seemed to enjoy it.

I agree it's an odd time of year to go with it though. Do you know if he's planning on staying open year-round Bill? Also he should try and get another screen up as soon as he can.

Good news anyway. We just need to find some land around Sydney to go with one ourselves.

posted 08-31-2009 08:17 AM                    

quote: Goochland Drive-In

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We will be closed Mon 8/31, Tues 9/1, Wed 9/2 to address some technical issues

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