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What are Arclight Cinemas and Pacific Theatres' net worth? Here's why parent company Decurion shut it down

Confirming the news, Decurion Corporation, stated on Monday that they won't be reopening the theaters

California moviegoers are not a happy bunch with ArcLight Cinemas and Pacific Theatres shutting down their services after the pandemic left it decimated. Confirming the news, Decurion Corporation, stated on Monday that they won't be reopening the theaters.

"This was not the outcome anyone wanted, but despite a huge effort that exhausted all potential options, the company does not have a viable way forward," the statement read. Although the extent of losses is not known, it must have been significant given the tough call the parent company has had to make.

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What are Pacific Theatres and ArcLight Cinemas' net worth?

Both Pacific Theatres and ArcLight Cinemas have been around for eons. Over the years, they have not only established themselves as top choices for most moviegoers but have also opened their doors to filmmakers, some of whom have expressed deep lament over the decision on social media and beyond. 

"Pacific Theatres Corporation has about 15 theaters housing almost 100 movie screens in the Los Angeles area," D & B Bradstreet report stated. Founded by the Forman family in 1946, the theatre chain started as a drive-in theatre but with time, it was transformed into a high-end megaplex. ArcLight Cinema Company, which is also located in LA, employs a total of 300 people across all of its locations and generates $12.56 million in sales, a report revealed. Another report from Owler noted that Pacific Theatres made $30M annually. However, an accurate number for both of these firms is not known.  

The companies shutting down might pinch move goers for a bit but the employees will feel the heat. However, Decurion did thank them for their services. "To all the Pacific and ArcLight employees who have devoted their professional lives to making our theaters the very best places in the world to see movies: we are grateful for your service and your dedication to our customers," the firm noted in its statement, and added: "To our guests and members of the film industry who have made going to the movies such a magical experience over the years: our deepest thanks. It has been an honor and a pleasure to serve you."

Meanwhile, filmmaker Jon M Chu shared his thoughts on the news, he wrote: "What sad news. I loved this theater. And I had my first premiere for my first movie Step Up 2 the Streets there. I snuck out of the movie early so I could cut a piece of the red carpet out and keep it. It sits on my desk. Man this is hard to read."

"This is so painful. The ArcLight is my go-to. Clean, great sound, assigned stadium seating, great popcorn, usher movie introductions. A true movie-going experience," Gina Price-Bythewood tweeted. 

"NO NO NO NO NO! Hey Billionaires, will some film-loving one of you buy the Arclights? They are the most civilized movie going venues in the USA! One of the few things I miss about living in LA," Film and TV write Melissa Joe Peltier posted. 

"Well this sucks. Every single person who worked at the Arclight loved movies, and you felt it. Sending love to every usher, manager and projectionist who rocked that blue shirt and made it such a special place," Rian Johnson expressed. 

The Cinerama Conundrum

To save or not to save? At this point, all we know is that the mentioned companies have taken a severe hit. Unfortunately, among the many multiplexes that are facing closure, the iconic Cinerama Dome is one of them. Built in 1963, the architectural marvel has been a go-to for several movie premieres and red carpet events. It featured in Quentin Tarantino's 'Once Upon a Time in Hollywood.' The shock value of the news has been tremendous. Some even took to Twitter and pleaded with the likes of Brad Pitt and Quentin to save the venue from shutting down.

"@meggamonstah I just saw on @JenniferTilly feed they are closing the cinerama dome! The place where you and Jen first saw Fame..so sad. Maybe your pal Quentin can save it," one user tweeted, another wrote: "I can't believe @ArcLightCinemas are closing their doors in LA. HOLLYWOOD where ARE YOU?? Save the cinerama dome! Quentin? Brad? @JoeBiden????"

"I truly hope someone huge in Hollywood can at least save The Cinerama Dome and make it a revival cinema like the New Beverly... Quentin? Mr. Spielberg? Mr. Scorsese? Anybody?? #savethecineramadome," another pointed out.