The company's cash reserves are low due to losses caused by the COVID-19 pandemic. In October 2020, Studio Movie Grill filed for chapter 11 bankruptcy protection. As of 2019, Studio Movie Grill has locations in 10 states consisting of over 300 screens. The concept evolved into the Studio Movie Grill chain. The company originated with the opening of the Granada Prestonwood in Addison, Texas, which featured five screens with private luxury boxes and valet parking. Newly paved handicapped parking spaces were recently added in front of the adjacent vacant building, replacing a previous strip of dirt with concrete curbing.Studio Movie Grill was founded in 1993 by Brian Schultz, who served as its CEO for twenty-seven years, until April, 2021. While hope for a new local movie theater is pending, the Auburn Boulevard shopping center has seen new additions in the last year, including the Greenhouse Cafe, and Venice Nail Studio both of which opened in July, 2021. The flier also shows a picture of future signage for the shopping center, which includes a sign that would display the name of a new theater, but a specific company name for the theater is not listed. Red Mountain Group’s leasing brochure shows a smaller, 4,500-square-foot pad to the right of Big Lots is still listed as available for fast food or drive-thru use.
Several neighboring businesses also told The Sentinel they had recently heard of plans for a new theater to come to the center. Patrick Murphy, a representative who was referred to The Sentinel by Red Mountain Group’s leasing associate, said in a phone call to The Sentinel last week that the name of the theater could not be released because the deal hasn’t closed yet. An image also shows an adjoining restaurant alongside the theater site.
However, a public leasing brochure for the property posted on the website for leasing firm Red Mountain Group shows the former Studio Movie Grill site is no longer for lease and a “Theater Coming Soon” message is now shown on the brochure. 8 email that the company’s policy is to not comment on tenants.
Asked for comment, a representative for STORE Capital said in an Aug.
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