Emagine Leisure Inc. has acquired Birmingham 8 with plans to reopen the historic theater within the subsequent three months.
Emagine’s buy of the theater, identified for operating arthouse movies and blockbusters alike, offers the Troy-based chain possession of each theaters in downtown Birmingham and a complete of 15 screens. The corporate took over the Palladium, which is at the moment open, in 2015.
Closed for the reason that onset of the COVID-19 pandemic, Birmingham 8 shall be renamed Birmingham 8, Powered by Emagine. Paul Glantz, chairman of the corporate, mentioned Emagine purchased the enterprise and signed a long-term lease at 211 S. Previous Woodward Avenue with property proprietor Ted Fuller.
Phrases of the deal, which Glantz known as a “win-win,” weren’t disclosed.
“I believe Ted will get to return to doing what Ted does finest,” Glantz mentioned. “Ted’s a terrific landlord and an excellent developer. It places us able to function utilizing our managerial prowess.”
The deal brings the corporate’s theater depend to 22 within the Midwest, 11 of that are in Michigan. Glantz has informed Crain’s that the corporate was on monitor to lose $40 million in income as a result of coronavirus and state-mandated shutdowns, which he strongly opposed and unsuccessfully battled in a lawsuit in opposition to Gov Gretchen Whitmer.
Regardless of the tough instances for film theaters, Glantz has doubled down, rising the chain and planning to take a position $10 million into bringing extra theaters beneath the Emagine umbrella.
“For higher or for worse, I’m an optimist,” Glantz informed Crain’s on Tuesday. “I’m optimistic about the way forward for film going.”
Emgine mentioned no modifications shall be made to Birmingham 8 in addition to an expanded concession menu, craft beer and cocktails. The theater’s iconic marquee shall be maintained in addition to its status for operating impartial movies distinctive to the market.
The theater, relationship again to the Twenties, was overhauled most not too long ago in 2015 with luxurious seating that has grow to be normal for the trade.
“The group of Birmingham will be comfortable understanding we plan to take care of all its allure beneath our possession,” Glantz mentioned in a information launch. “We perceive the worth this theatre has held in the neighborhood and are dedicated to persevering with that legacy whereas enhancing the buyer expertise with all of the virtues our model will deliver.”