Signature Associates

We're sorry, but our site is built to take advantage of the latest web technologies that Internet Explorer 8 and below simply can't offer. Please take this opportunity to upgrade to a modern browser, like Google Chrome or Internet Explorer 11.

Contact Us


Amid pandemic, Emagine bets on future of movies with leases for four more theaters

Emagine Entertainment Inc. hasn’t been sitting idle while it waits for the state to reopen movie theaters in Michigan.

The Troy-based chain has signed long-term leases for four additional theaters across the Midwest, including one in Saginaw, co-founder and Chairman Paul Glantz said.

The locations were among those operated previously by Grand Rapids-based Goodrich Quality Theaters Inc., which filed for bankruptcy protection at the end of February.

Crain’s reported in early March that Emagine was attempting to acquire Goodrich. It was unsuccessful in its bid but now has leases on four of the 30 theaters Goodrich previously operated, Glantz said.

Emagine formed a new affiliate, Dandiprat Holdings LLC, to operate the new theaters separate from other Emagine sites. It signed a 20-year lease with Dallas-based real estate investment trust Spirit Realty on Sept. 30 for the theaters in Saginaw; Portage and Noblesville, Ind.; and Batavia, Ill., a western suburb of Chicago;, Glantz said.

It expects to invest $10 million-$11 million to convert the properties into Emagine Theaters. The landlord will pick up another $8 million to $9 million in costs, Glantz said.

If all goes according to plan, the new Emagine theaters in Michigan and Indiana would open on July 1, and the Batavia site next November, he said.

The sites would add to nine Emagine theaters in Michigan, one in Illinois that opened in 2016 and on that opened two years ago in Wisconsin.

Emagine also manages the Riveria Cinema in Farmington Hills, and has a licensee operating 10 Emagine theaters in the Minneapolis/St. Paul area.

The newly acquired theater buildings were available as a package, with no ability to pick and choose locations, Glantz said.

“But by the same token, we like those markets, and we think they’ll do well. We feel pretty confident in the Midwest.”

The theater business has had a catastrophically bad year, with pandemic restrictions on gatherings combining with delays of most new movie releases to crimp business. Industry tracker Box Office Mojo estimates U.S. box office is down more than 80 percent year-to-date from 2019.


Posted By: Crain’s Detroit Business on December 9, 2020.  For more information, please click here to read the source article.

To receive the In The Know from Signature Associates, please click here to be added to our mailing list.

« Back to Insights