Film-Tech Forum ARCHIVE: There Goes Star Theatres (Well, sort of)

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Topic: There Goes Star Theatres (Well, sort of)

Adam Martin
I'm not even gonna point out the irony.

Posts: 3686
From: Dallas, TX
Registered: Nov 2000

posted 04-05-2002 09:43 PM

quote:

Loews Cineplex to take over Michigan's 10 Star Theatres
April 4, 2002, 7:47 AM
GRAND RAPIDS, Mich. (AP) -- Star Theatres owners Barrie and Jim Loeks have sold their share in the one of the country's largest movie theater operators.
The Loekses' involvement in the movie industry will end after more than 15 years running theaters in Michigan from their offices in Grand Rapids and Southfield.
The couple is selling its 50-percent stake in Loeks-Star Partners for $69 million to the owners of Loews Cineplex Entertainment Inc. of New York, which owns the other half of the business.
"It was a very difficult decision. We love our Star Theatres," Barrie Loeks told the Detroit Free Press for a story Thursday.
Loews is co-owned by Toronto-based Onex Investment Corp. and investment funds and accounts managed by Oaktree Capital Management LLC of Los Angeles.
The Loekses will manage the 10 Michigan theaters including Star Gratiot, Star Great Lakes Crossing, Star Holland and Star Grand Rapids until June 30.
The Star Theatres generate about $47 million of annual box office revenue, Onex said.
Barrie Loeks said the Michigan entertainment complexes will continue to operate under the Star Theatre name and movie watchers will not see any changes as the result of the sale.
After building 156 movie screens in Michigan, Barrie Loeks said she and her husband realized they may have reached their end in the business.
"We have pretty much covered the area," she said. "There isn't a lot of opportunity in Michigan to build new theaters."
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Sean McKinnon
Phenomenal Film Handler

Posts: 1712
From: Peabody Massachusetts
Registered: Sep 2000

posted 04-05-2002 11:07 PM

Star and LCE have operated as a joint venture. Star theatres run the same as Loews, Cineplex, and Magic Johnson theatres. There shouldnt be much of a change at all.

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--Sean McKinnon
Manager
Loews Cineplex Entertainment
Liberty Tree Mall 20
Danvers, Mass
www.enjoytheshow.com

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Scott D. Neff
Theatre Dork

Posts: 919
From: San Francisco, CA
Registered: Oct 1999

posted 04-09-2002 10:49 AM

You know -- I really wish somebody would pay ME $69,000,000 to get me out of the business.

How can TEN theatres account for $47,000,000??? I've seen pictures of some of the smaller Stars... and they look like your average Loews theatre - what gives?

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