Savoy 16’s IMAX movie theater will soon undergo some changes, Jason Pankoke of C-U Blogfidential is reporting. Back in February, it was reported that the theater’s parent company had filed for bankrupcy. The Michigan-based parent company, GQT Theaters, has been purchased by two companies out of New York, and Savoy 16 will no longer belong to GQT.
Per the quote below, the theater “will not continue on as a Goodrich Quality Theater”, though it remains to be seen what will become of the space. It could potentially reopen in some capacity if another tenant filled the void. Savoy 16 opened in 1990.
From C-U Blogfidential:
We have unfortunate news to share, dearest viewers, although some of you have possibly been anticipating it as the pandemic wears on. Thanks to a tip by Confidential agent JK, we learned from a press release issued last Friday, July 17, that most of the assets of Goodrich Quality Theaters (GQT) in Kentwood, MI, have been purchased by two New York-based firms, Mason Asset Management and Namdar Realty Group. It rescues the chain from bankruptcy proceedings, although not all the previous GQT locations carry over in the new deal. I reached out to Jake McSparin, vice president of theater operations at the revamped “New GQT” chain, for clarification and he responded via e-mail, “I can confirm that the Savoy 16 IMAX will not continue on as a Goodrich Quality Theater.” This development effectively reduces the number of first-run screens in Savoy and Champaign-Urbana to less than half from the same time frame a year ago, while the Willow Knolls 14 in Peoria is the only one of the four GQT sites in Illinois that is being readied to open under the New GQT brand between now and the end of August.
Sadly this could mark the end of yet another theater in Champaign County, most notably the recent loss of the Art Theater.
Top image from Google Maps.