Frank Theatres Files for Chapter 11 Bankruptcy
Frank Theatres, which owns movie theaters and one shopping center in South Jersey as well as one theater in Bayonne, has filed for chapter 11 bankruptcy.
According to The Times News in Tennessee, Frank Theatres, with corporate offices in Florida, filed notices in U.S. Bankruptcy Court this past summer. The filings were for four different entities: Frank Entertainment Companies, Frank Theatres Management, Frank Investments, and the Rio Mall shopping center in Rio Grande.
The Times News report says,
According to court records, the reason for the bankruptcy filing is because Frank Theatres was unable to absorb the expenses associated with the closing of its unprofitable theaters. The closings created significant liabilities with the theaters’ former landlords, the court filings state.
The Rio Mall bankruptcy filing, according to court documents, was because of a slow payment by one large tenant and the mall's inability to fill vacant space once the Rio Grande K-mart closed in 2017.
On its website, Frank Theatres says they own and operate 20 theaters in New Jersey, Pennsylvania, West Virginia, Tennessee, North Carolina, South Carolina, Georgia, and Florida. Locally, the Frank chain owns the Towne 16 Theater at Harbor Square (the former Shore Mall), the Rio Stadium 12 in Rio Grande, and the Tilton 8 theater on Tilton Road in Northfield. Frank also owns the South Cove Stadium 12 in Bayonne.
Reports say the Towne 16 Theater remains open, while signs taped to the doors at the Tilton 8 say the theater would be closed on September 20th due to technical problems (the signs were still posted on the morning of September 24th).