Studio Movie Grill, a popular in-theater dining chain, has filed for Chapter 11 bankruptcy protections in the U.S. Bankruptcy Court for the Northern District of Texas.
The privately-held theater circuit was founded in 1993 by CEO Brian Schults, and has estimated assets of $50-$100 million and estimated liabilities ranging from $100-$500 million. The Dallas-based company filed for Chapter 11 on October 23, after reaching an agreement with the company’s secured lenders on a restructuring plan.
“We plan to use this filing to strengthen our business by reducing liabilities and reposition SMG to emerge a stronger organization built for the future as we recover from the unparalleled impact of Covid-19,” said Schults in a company statement.
The company assures that its theaters will re…