A Spanish-language theater chain that opened its first location in Aurora in 2001 has filed for Chapter 7 bankruptcy.
Cinema Latino, which is run by parent company Sonora Entertainment, screens the latest Hollywood and Latin American films with Spanish voiceovers or subtitles. It has four locations: two theaters known as Sonora Cinemas in Aurora and Phoenix, Arizona, and two Cinema Latinos in Fort Worth and Pasadena, Texas.
According to the filing, the company owes $689,268 to 75 creditors and has assets worth $154,360.
Chapter 7 bankruptcies are typically a liquidation process, where a trustee is appointed to oversee a selloff of the debtor’s assets.
Sonora Entertainment CEO Louis Sullivan signed the filing. The company did not respond to a request for comment.
In addition to screening movies in Spanish, the theater chains featured Mexican concessions, Latin music and hired Spanish-speaking employees.
The chain said it had revenue of $6.87 million in 2019. As of the Aug. 6 filing date, the company’s 2020 revenue was $995,830.
Jeffrey Brinen with Denver-based Kutner Brinen is representing Sonora Entertainment in the company’s bankruptcy proceedings.
As more consumers turn to streaming services to watch movies, theaters are struggling to keep up. A recent survey by Rueters and Ipsos suggests that 32 percent of 4,429 respondents would not return to theaters until a coronavirus vaccine is available and 21 percent of 1,500 respondents agreed in a poll by Atom Tickets.