CMX Theaters, a prominent national movie theater chain that operates two locations in Minnesota, has filed for Chapter 11 bankruptcy for the second time in four years, signaling ongoing turmoil within the cinema industry.
The company, which runs the CMX Odyssey IMAX in Burnsville and the CMX Chateau 14 in Rochester, announced this week that it has entered Subchapter V bankruptcy proceedings. This marks the second time the chain has sought such protection, following an initial filing in 2020 during the height of the COVID-19 pandemic.
What This Means for Minnesota Moviegoers
Despite the unsettling news, movie lovers in Burnsville and Rochester don’t need to change their weekend plans just yet. CMX has explicitly stated that all 28 of its theaters across the country will continue to operate as usual throughout the restructuring process.
Furthermore, the company has assured its roughly 1,400 employees that they will continue to receive their regular wages and benefits without interruption.
The Path Forward for CMX
According to the company, the Chapter 11 filing is a strategic move designed to secure its long-term future. With the backing of an already secured lender, CMX aims to “reduce its obligations, strengthen its balance sheet, and restructure its business.” The chain is optimistic about its recovery, projecting that it will successfully exit the bankruptcy proceedings by the third quarter of this year.
CMX is a significant player in the North American market, ranking as the 11th largest cinema operator by screen count, according to a 2024 Statista report. Its previous bankruptcy in 2020 occurred shortly after a planned acquisition of Star Cinema Grill fell through, highlighting the persistent challenges that have plagued the movie theater business even before the pandemic.
