A new act
Alamo Drafthouse closing Austin's iconic Ritz theater amid bankruptcy procedures
Austin's homegrown movie chain is entering its next act — bankruptcy. As part of the Alamo Drafthouse's upcoming court-supervised Chapter 11 bankruptcy process, it will also close three theaters, including its iconic Ritz location in downtown Austin.
Along with the Ritz, the Drafthouse will also be closing its New Braunfels' Marketplace location as well as a theater in Kansas City.
The 90-year-old Ritz has operated as part of the Drafthouse for the past 13 and a half years, playing host to SXSW Film, movie premieres, and countless special events. The theater closed in March 2020 due to the pandemic, and though some Drafthouse locations have since reopened with limited capacity and rentable auditoriums, the Ritz has remained shuttered.
"For nearly [fourteen] years, The Ritz – the spiritual successor to our original location at 409 Colorado – has been the beating, fiery, cinephile heart of Alamo Drafthouse in Austin," the theater said in a goodbye blog.
In an internal email, the company said the financial impact of the COVID-19 pandemic led to a restructuring of its ownership and subsequent closures. In addition to founder Tim League, Dave Kennedy, and Altamont Capital Partners, the Alamo Drafthouse recently brought on the New York-based Fortress Investment Group to "ensure we have adequate financing going forward."
This does not, however, mean the Drafthouse is going out of business, the company stressed. Instead, it says the bankruptcy and investor reorg will allow the company to get through COVID-19 and reposition itself on the other side.
Like all movie theaters, the Alamo Drafthouse has struggled to find new revenue streams over the past year while movie theaters have remained either closed or operating with very limited attendance. In April 2020, the Drafthouse rolled out Virtual Cinema, a partnership that allows movie fans to stream new releases at home. The Austin-based theater chain also added to-go cocktail and food service in an attempt to drum up business through the pandemic.
Despite entering Chapter 11, the company is optimistic that it will survive.
"Because of the increase in vaccination availability, a very exciting slate of new releases, and pent-up audience demand, we're extremely confident that by the end of 2021, the cinema industry — and our theaters specifically — will be thriving," the email said.
DIIV's set was moody, but propulsive thanks to strong bass lines.Photo by Brianna Caleri
Zachary Cole Smith can always be counted on for a nostalgic 'fit.Photo by Brianna Caleri
Starcleaner Reunion singer Jo Roman keeps the beat.Photo by Brianna Caleri
From the looks of it, no one had a better time onstage than Wayne Coyne, frontman of the Flaming Lips.Photo by Brianna Caleri
The tinsel whip was one of many props.Photo by Brianna Caleri
The Flaming Lips are known for touring with huge inflatables.Photo by Brianna Caleri
A joyful crowd reacts to being blasted with confetti during the Flaming Lips' set.Photo by Brianna Caleri
Ty Segall was king of the guitar jams.Photo by Brianna Caleri
Segall's painted jeans were probably the most unique fashion statement all weekend.Photo by Brianna Caleri
The Psych Fest uniform: Earthy shorts and calf tattoos.Photo by Brianna Caleri
Thomas Attar Bellier of Al-Qasar plays a beautifully adorned electric saz.Photo by Brianna Caleri
The more mics, the better for Al-Qasar.Photo by Brianna Caleri
A closer look at the saz.Photo by Brianna Caleri
Lyrics in Arabic brought extra gravitas to the set.Photo by Brianna Caleri
How's that for a desert hallucination?Photo by Brianna Caleri
New Candys guitarist Emanuele Zanardo puts a physical flourish in his playing.Photo by Brianna Caleri
A portal opens...Photo by Brianna Caleri
The Black Angels interrupted the technicolor parade for a largely black-and-white set.Photo by Brianna Caleri
Black Angels bassist Misti Hamrick-French basks in the cold glow of a strobe light.Photo by Brianna Caleri
Dumbo Gets Mad reminds us that Italians just get fashion.Photo by Brianna Caleri
Guitarist Luca Bergomi gets in on bassist Ivan Torelli's shot.Photo by Brianna Caleri
LA LOM bassist Jake Faulkner captures the sun.Photo by Brianna Caleri
Guitarist Zac Sokolow danced for the whole set, which happened to be on his birthday.Photo by Brianna Caleri
Faulkner's grandstanding added flavor to the show, which ultimately didn't need psychedelic visuals.Photo by Brianna Caleri
Faulkner's howls cut through the air, hardly amplified.Photo by Brianna Caleri
Trish Toledo paid homage to mothers and couples in her romantic set.Photo by Brianna Caleri
Not a practical shoe for a rainy weekend. We salute her sacrifice for fashion.Photo by Brianna Caleri
Thee Sacred Souls closed out the festival with a brass section.Photo by Brianna Caleri
This backup singer was exquisitely styled in blue.Photo by Brianna Caleri
Singer Josh Lane snapped a photo of an adoring audience. See you next time, Josh.Photo by Brianna Caleri