Three Rivers 6 to Reopen

(GQT Three Rivers 6 Facebook Page)

First-run movies will soon be returning to Three Rivers. After five months of bankruptcy proceedings, the Goodrich Three Rivers 6 movie theater and the chain that owns it are under new ownership. The theater is one of 12 Michigan locations scheduled to reopen shortly, pending any changes in pandemic restrictions, according to an article published this week on MLive.com and a press release issued by the new owners. 

Goodrich Quality Theaters (GQT), the chain that owns and operates the Three Rivers 6, is based in the Grand Rapids suburb of Kentwood. The company filed for Chapter 11 bankruptcy protection earlier this year in the U.S. District Court for the Western District of Michigan in Grand Rapids. Although it was still earning revenue, the company was unable to meet approximately $30,000 in debt obligations to three banks.

GQT’s bankruptcy filing came amid challenges across the movie theater business, which has been beleaguered in recent years by increased competition from in-home film viewing and other entertainment options. Prior to bankruptcy, many of GQT’s theaters joined other chains in offering advanced seating, expanded food and drink options, and enhanced viewing, projection, and sound technologies.

Typically, under corporate bankruptcies, debts can be settled a few ways, including by selling enough of the company’s assets to pay for the debt, or by selling the company and its assets to new owners who pay or take responsibility for the debt as part of the sale. In GQT’s case, a real estate partnership based in Great Neck, New York, which includes Mason Asset Management and Namdar Realty Group, has taken ownership of the chain and is now calling it New GQT. 

The partnership specializes in owning and operating enclosed shopping malls, and already has several such properties around Michigan. It has also partnered with VIP Cinemas, a movie theater operating company, to manage and operate the New GQT theaters. 

In addition to the Michigan theaters, New GQT plans to reopen 10 locations in Indiana, Missouri, and Illinois. GQT’s website, which has not been updated since early spring, also lists locations in Florida where the new owners’ press release did not mention, and which appear not to be included in the chain’s sale.

There were 26 theaters in the chain at the time of the bankruptcy filing. A July 6 article in the Cadillac Newssheds further light on the details of the ownership transfer. Thirteen of the theaters in the chain are being sold to New GQT, whereas “a 14th theater in Illinois is being sold to another theater chain. The rest of the theaters in the Goodrich chain were leased; (court) documents suggest some of those leases will continue.” 

The GQT chain dates to 1930, and is named for the father of Robert Goodrich, a Grand Rapids radio station owner who was its president at the time of bankruptcy. “The Goodrich name has been in the theater business for 90 years and we believe that it is important to keep the name going for many more years to come,” New GQT President Mark McSparin said. 

Despite the industry’s challenges, the new owners are optimistic. “We are truly excited to be acquiring and reopening the GQT theaters and we remain optimistic about the future of the industry,” McSparin said. Elliot Nassim, President of Mason Asset Management, said, “the plan is to continue operations of the existing theatres and grow the brand’s footprint.”

Although GQT’s bankruptcy filing took place in February, most GQT theaters did not close until pandemic restrictions necessitated doing so. A March 16 Facebook post announced the closure in response to Governor Gretchen Whitmer’s first shutdown order, calling it temporary amid pandemic concerns. 

Adelaide Godwin is Communications Director for UpSpring PR, the partnership’s publicity firm. Godwin said, “the team is actively working to put in place the proper plans and procedures to have a safe and successful reopening as soon as is practical—but no official date has been confirmed.”

McSparin said the chain is “pleased to welcome the majority of GQT’s former general managers and staff to the New GQT team.” Although the new owners expect a smooth transition, they do plan some changes to benefit customers. Jake McSparin, Vice President of Theater Operation, said, “one thing you can expect right away is a reduction in concession prices, and in most cases, ticket prices.”

In their press release, the new owners said they hope to have the chain open by mid-August, with some locations re-opening as soon as July 31. Those goals will be subject to any further pandemic developments.

Dave Vago is a staff writer and columnist for Watershed Voice. A Philadelphia native with roots in Three Rivers, Vago is a planning consultant to history and community development organizations and is the former Executive Director of the Three Rivers DDA/Main Street program.