Goodrich Theaters files for bankruptcy

The show will go on, for now, at the iconic Oxford 7 movie theater in downtown Oxford, even though its parent company, Goodrich Quality Theaters Inc., filed for bankruptcy late last month.
Zach Salamon, a manager at Oxford 7 said they haven’t heard anything yet from corporate about what this means for Oxford 7 and there are “no plans to close anytime soon.”
Currently, there are show times listed on the website for as late as May 27. Attempts to purchase tickets, however, prompt the message: “Ticketing Offline. We are currently experiencing technical difficulties and apologize for the inconvenience.” Online customers are redirected to purchase tickets through Fandango.com.
The Kentwood/Grand Rapids-based theater chain is owned by Bob Goodrich, 79. The company was founded by his father, William Goodrich in 1930. It now owns 30 theaters in Michigan and four other states.
GQT filed for Chapter 11 bankruptcy on Feb. 25 in the U.S. Bankruptcy Court for the Western District of Michigan in Grand Rapids. The company reported assets of $50-100 million and liabilities of $10-50 million. It owes $30 million in loans to CIBC, Macatawa Bank and Independent Bank, according to court records.
The company shared a statement through its social media channels on March 5:
“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.
“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.”
GQT Director of Marketing Kelly Nash said she was not able to speak to any specifics regarding the Oxford 7 beyond the official statement.
Bob Goodrich told MLive he plans to sell “most, but not all” of his company’s properties in bankruptcy auction. It is uncertain which theaters those would be and whether that would include Oxford 7.
According to a report by Crain’s Detroit Business, Troy-based Emgaine Entertainment is trying to purchase the chain.
GQT has owned the theater since 1997, when it bought Oxford Cinema from Arnold Simmons, and renamed it Oxford 3. The theater was upgraded to a seven-plex in 2000 when it became Oxford 7.
The theater’s history goes back much further than that, however. It occupies the site of the former Oxford Opera House, built in the 1890s and destroyed by fire in 1972. The Opera House began screening motion pictures in 1914 and was fully repurposed as a movie theater after a 1934 fire.

From Village Council President Joe Frost’s Facebook page.
“When businesses in any community are struggling, we must ask ourselves ‘are the businesses failing, or are we failing our businesses?’
“I see posts all the time about how sad people are about the impact of the economy or construction on our Downtown Oxford businesses, but it’s time for action! It’s time to support small business like never before!
“See a movie, buy a birthday gift at Funky Monkey Toys, have a pint at Sullivan’s Public House, or buy an antique at Caveman & Pip- Woodworking & Home Design Market.
“If I didn’t mention your business by name/tag, I still love your business! Please share and let’s all commit to making Downtown Oxford #oxfordstrong.”
For information on the construction project visit: www.restorem-24.com