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Alamo Drafthouse - parent company of Mondo - files for bankruptcy


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Wasn't expecting this news today, wonder if it will have any repercussions for the Mondo label?

 

Alamo Drafthouse Files for Chapter 11

Alamo Drafthouse - AD Slaughter Lane_Austin TX -Publicity-H 2020
Courtesy of Heather Kennedy
 

The theater chain announced a deal to sell its assets to Altamont Capital and Fortress Investment Group as part of the bankruptcy filing.

Alamo Drafthouse, the independent theater chain known for its thematic screenings, fan-focused atmosphere and in-cinema food and drink options, is filing for Chapter 11 bankruptcy protection, according to a filing in Delaware Bankuptcy Court.

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7 minutes ago, timsimmons said:

I would think they would be able to spin off Mondo as its own entity.

 

Maybe. I’m guessing Mondo was one of the more valuable assets (since I can only assume a business with $40 LPs and $60 posters makes money) so I’m thinking the two investment firms that stepped in are very interested in that part of the business. 

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I’ve been with a company that Altamont Capital came in and bought for cheap. Cut the fat (non profitable location) and bought out some board seats to retire and turned it around. Then sold the company again for a profit. 
 

I do t think either division will close.  Maybe if a theater was non profitable prior to the pandemic, but that would be it. I know the one by me that I’ve been going to for years was always sold out. So it should be safe. 

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16 minutes ago, hookups96 said:

I’ve been with a company that Altamont Capital came in and bought for cheap. Cut the fat (non profitable location) and bought out some board seats to retire and turned it around. Then sold the company again for a profit. 
 

I do t think either division will close.  Maybe if a theater was non profitable prior to the pandemic, but that would be it. I know the one by me that I’ve been going to for years was always sold out. So it should be safe. 

Thanks for the insight

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I just worry because when a PE group comes in to overhaul, the culture usually changes. And the culture at Alamo seems to be toxic, so thats a great thing, but Mondo is a separate thing. I'd hate for some of the people behind the scenes to want to peace out and it become a shadow of its former self.

 

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25 minutes ago, timsimmons said:

I just worry because when a PE group comes in to overhaul, the culture usually changes. And the culture at Alamo seems to be toxic, so thats a great thing, but Mondo is a separate thing. I'd hate for some of the people behind the scenes to want to peace out and it become a shadow of its former self.

 

Mondo operational heads have almost all left over the last five years.  I would say the admirative staff is already a shadow of what it was.

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I never knew Alamo Drafthouse and Mondo were connected. I've listen to a weekly horror podcast for the past decade or so and all the guys on there have great things to say about it. Unfortunately there aren't any in my area so I've never been. Also a bummer to hear they treat their employees like dog shit. That's not cool. 

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