Randall 15 IMAX movie theater in Batavia and Kendall 11 GDX movie theater in Oswego hope to keep their doors open despite their parent company, Michigan-based Goodrich Quality Theaters, filing for bankruptcy.
"Up until this point, our leadership team has explored a variety of alternatives to keep the business going, however we ultimately determined that a court-supervised reorganization process and the stability and process it brings will put us in the best position to do what is in the best interests of our community that has supported us for so many years, as well as our various stakeholders," Goodrich officials said in a Facebook post on Thursday. "At this stage, we are confident that we will be able to keep our doors open and continue to show movies at all of our existing locations. Thank you for your continued support."
Goodrich operates four movie theaters in Illinois, including the Randall 15 IMAX movie theater at 550 N. Randall Road in Batavia and the Kendall 11 GDX at 95 Fifth St. in Oswego.
On Feb. 25, Goodrich filed for Chapter 11 bankruptcy. In its filing, Goodrich estimated its assets at between $50 million and $100 million and liabilities at between $10 million and $50 million. The company has between 50 and 99 estimated creditors, court records indicate.
A meeting of Goodrich's creditors is set to take place on March 24, according to court records. Goodrich has received court approval for a $402,430 emergency loan in order to pay its employees.