In a world of on-demand streaming theaters have struggled to survive. Though they have made a modest comeback after the pandemic, many outlets are turning to alternative theater uses or even bankruptcy.

In a press release Cinemex Holdings USA, Inc., and certain affiliates ("CMX"), an operator of premium cinemas across the U.S., announced that it has commenced proceedings under Subchapter V in the United States Bankruptcy Court. As part of these Subchapter V proceedings, CMX, with the support of its secured lender, will seek to reduce its obligations, strengthen its balance sheet, and restructure its business while protecting its employees and emerging in a stronger and more viable long-term financial position to continue serving customers across the United States.

During the restructuring process, CMX expects to operate its business and cinemas without interruption. The movie chain has 28 locations throughout the south, with two of them being located in Alabama (Tuscaloosa and Gulf Shores). The Pinnacle 14 Theater of Gulf Shores originally opened in 2011 as Cobb Theater.

CMX Cinemas is one of the largest movie theatre chains in the United States, with 28 locations, 311 screens, and around 1,400 employees.

Some of theater companies have reemerged after bankruptcy while others have dimmed their marquees forever. As a result, North America has 5,691 fewer screens compared with pre-pandemic times, according to research by media consultancy Omdia statistics.