MUMBAI: Under an agreement announced this week, nearly all the assets of Kerasotes Showplace Theatres Co., a Chicago-based owner of movie theaters throughout the Midwest, including one in Fitchburg, will be sold to AMC Entertainment Inc.
The deal involving the sale of most of Kerasotes‘ assets to AMC will add Kerasotes‘ 973 movie screens in 96 theaters to the AMC group, which already owns 4,574 screens in 304 theaters in five countries, according to a news release issued by both companies.
Under the agreement, Kerasotes‘ owners Tom and Dean Kerasotes will continue to own and operate two of their new ICON concept theaters in Minneapolis and Chicago and one Showplace theater in Secaucus, N.J.
Kerasotes owns the Star Cinema 18 and IMAX theatre while in Wisconsin, the company owns theatres in Wisconsin Dells and Johnson Creek, said Kerasotes‘ special promotions manager Steve Carpenter.
Kerasotes also owns Star 6 Cinema in Reedsburg, which remains closed and up for sale since flooding in downtown Reedsburg in June 2008.