The deal was expected after the theaters briefly appeared on AMC's ticketing websites.
Regal Cinemas signed a lease Friday with mall landlord Douglas Emmett Inc. to take over the vacant theaters in the Galleria and reopen them soon.
The transaction follows Regal’s announcement last month that it would move into and refurbish the formerArcLight and Pacific’s parent company declared Chapter 7 bankruptcy to liquidate remaining assets. It’s still not clear what will become of the company’s flagship Hollywood ArcLight location and the historic Cinerama Dome on Sunset Boulevard, which were not part of the bankruptcy filing.Theaters such as the Lumiere Cinema at the Music Hall, Alamo Drafthouse, Landmark Theatres and Laemmle Theatres try to rebound as they wait for big indie releases.
Movie attendance is facing stiff competition from streaming, a trend that accelerated during the public health crisis. Nonetheless, developers such as Caruso have been looking to fill leases left by theater vacancies because they still anchor malls. Movie theater attendance was stagnant before the pandemic, but multiplexes have long been key drivers of foot traffic to shopping centers and malls that now compete with ascendant online retail giants such as Amazon.
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