Kerasotes plans sale of theaters to AMC

2010-01-22T00:00:00Z Kerasotes plans sale of theaters to AMCThe Associated Press The Associated Press
January 22, 2010 12:00 am  • 

CHICAGO |The nation's sixth-largest movie house chain, Kerasotes Showplace Theatres, says it has reached agreement to sell most of its 96 theaters to AMC Entertainment Inc. of Kansas City.

The companies indicated Tuesday they expect to complete the sale this summer.

Kerasotes, which began with a single nickelodeon in Springfield, Ill., in 1909, now has theaters in Illinois, Indiana, Iowa, Missouri, Wisconsin, Ohio, Minnesota, Colorado, California, and New Jersey for a total of 973 screens. Northwest Indiana Kerasotes theaters are in Schererville, Merrillville, Hobart and Michigan City. AMC operates theaters in Chicago and its south suburbs, but none in Northwest Indiana.

Kerasotes CEO Tony Kerasotes said Tuesday he and brother, Dean, would continue to own and operate new ICON concept theaters in Chicago's South Loop and Minneapolis, as well as one theater in Secaucus, N.J.

AMC, the nation's second-largest theater chain, has more than 305 theaters and 4,574 screens in five countries.

Terms of the deal, which is subject to regulatory review, were not revealed. An AMC spokesman declined to release further information.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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