The Bruin

Frank Theatres Cinebowl & Grille Files For Bankruptcy

Back to Article
Back to Article

Frank Theatres Cinebowl & Grille Files For Bankruptcy

Photo by Stephen Abbott

Photo by Stephen Abbott

Photo by Stephen Abbott

Hang on for a minute...we're trying to find some more stories you might like.


Email This Story






The owner of Blacksburg’s Frank Theatres Cinebowl & Grille filed for bankruptcy in December of 2018, not even two years after the business shut down for a short period after failing to keep up with rent.

The cinema and entertainment center, which opened in 2015 at the First and Main shopping center, filed for protection under Chapter 11 bankruptcy laws. This allows the business to remain operating while undergoing financial reconstruction.

Court documents say Frank Theatres owes more than $60,000 to APF Partners, the owner of First and Main. The company’s largest debt is over $800,000 to a real estate investment trust.

David Street, managing director of APF Partners, says although the development group is concerned, the bankruptcy filings won’t affect their plans for First & Main.

¨This week’s disclosure of the filing of bankruptcy by Frank Theatres was a troubling development but does not affect our plans for First & Main,” he said in a statement released on Twitter.

“Over the past few years we have devoted considerable energy and resources to establishing a firm foundation of diverse retail and entertainment offerings. Our commitment to the future of the center remains strong. Stay tuned.”

In a Facebook post, Frank Theatres acknowledged the reports circulating local media and emphasized changes they have made to their business recently, including a new restaurant. The post says they plan to continue operating their business as normal.

More than 20 other businesses operating under the Frank Theatres name also declared bankruptcy in December.

Frank Theatres was also in financial trouble in April of 2017. According to the Roanoke Times, APF shut down the business after it claimed Frank Theatres owed hundreds of thousands of dollars in rent. The attempted eviction resulted in a court case where a Montgomery County judge allowed the business to reopen. The newspaper says Frank Theatres paid off its debts a month later.

The LLC that operates the Blacksburg theatre is registered to Corporation Trust, an organization in Wilmington, Delaware famous for taking advantage of loopholes in the state’s tax law. 285,000 corporations are registered to the address, including major businesses like American Airlines and Walmart.

 

Print Friendly, PDF & Email
Leave a Comment

If you want a picture to show with your comment, go get a gravatar.




*

The student news site of Blacksburg High School
Frank Theatres Cinebowl & Grille Files For Bankruptcy