MILWAUKEE, Sep 15, 2010 (BUSINESS WIRE) --
Theatres(R), a division of The
Marcus Corporation (NYSE: MCS), today announced it has signed an
agreement to purchase the College Avenue 16 Cinema located at W3091 Van
Roy Road in Appleton, Wis. from Regal
Entertainment Group located in Knoxville, Tenn. The theatre will
close Wednesday, September 22 to install new equipment and will reopen
Friday, October 1 as a Marcus Theatres location. The theatre has 16
screens and approximately 3,000 seats.
"We are pleased to add the College Avenue 16 to our Marcus Theatres
circuit," said Bruce J. Olson, president of Marcus Theatres. "Marcus
Theatres has been a strong community partner in the Appleton area for
many years with our Hollywood Cinema and Funset Boulevard on the west
side of the city. We know moviegoers who attend the College Avenue 16
Cinema will also enjoy the high-quality services and exceptional
experience our theatres provide to our guests. Marcus Theatres has been
in the motion picture exhibition business for 75 years and we look
forward to continuing to bring the latest pictures and entertainment to
movie-goers in all of our markets throughout the Midwest."
Olson said the College Avenue 16 will be rebranded as a Marcus theatre
and most likely will undergo a name change. Current associates of the
theatre will be given the opportunity to apply for employment with
Marcus Theatres, and pricing and policies will be similar to
surrounding-area Marcus Theatres locations.
The financial details of the transaction were not disclosed.
About Marcus Theatres
Theatres(R), a division of The
Marcus Corporation (NYSE: MCS), is the sixth largest theatre circuit
in the United States and currently owns or operates 668 screens at 54
locations in Wisconsin, Illinois, Iowa, Minnesota, Nebraska, North
Dakota and Ohio, and one family entertainment center in Wisconsin. For
more information, visit the Marcus Theatres website at www.marcustheatres.com.
About The Marcus Corporation
Headquartered in Milwaukee, Wisconsin, The
Marcus Corporation is a leader in the lodging and entertainment
industries. In addition to its Marcus
Theatres division, the company's lodging division, Marcus(R)
Hotels and Resorts, owns or manages 19 hotels, resorts and other
properties in ten states. For more information, visit the company's web
site at www.marcuscorp.com.
The company is celebrating its 75th anniversary in 2010. For
more information on the company's 75th anniversary
sweepstakes and activities, please visit www.marcus75.com.
Certain matters discussed in this press release are "forward-looking
statements" intended to qualify for the safe harbors from liability
established by the Private Securities Litigation Reform Act of 1995.
These forward-looking statements may generally be identified as such
because the context of such statements include words such as we
"believe," "anticipate," "expect" or words of similar import. Similarly,
statements that describe our future plans, objectives or goals are also
forward-looking statements. Such forward-looking statements are subject
to certain risks and uncertainties which may cause results to differ
materially from those expected, including, but not limited to, the
following: (1) the availability, in terms of both quantity and audience
appeal, of motion pictures for our theatre division, as well as other
industry dynamics such as the maintenance of a suitable window between
the date such motion pictures are released in theatres and the date they
are released to other distribution channels; (2) the effects of
increasing depreciation expenses, reduced operating profits during major
property renovations, and preopening and start-up costs due to the
capital intensive nature of our businesses; (3) the effects of adverse
economic conditions in our markets, particularly with respect to our
hotels and resorts division; (4) the effects of adverse weather
conditions, particularly during the winter in the Midwest and in our
other markets; (5) the effects on our occupancy and room rates from the
relative industry supply of available rooms at comparable lodging
facilities in our markets; (6) the effects of competitive conditions in
our markets; (7) our ability to identify properties to acquire, develop
and/or manage and continuing availability of funds for such development;
and (8) the adverse impact on business and consumer spending on travel,
leisure and entertainment resulting from terrorist attacks in the United
States, the United States' responses thereto and subsequent hostilities.
Shareholders, potential investors and other readers are urged to
consider these factors carefully in evaluating the forward-looking
statements and are cautioned not to place undue reliance on such
forward-looking statements. The forward-looking statements made herein
are made only as of the date of this press release and we undertake no
obligation to publicly update such forward-looking statements to reflect
subsequent events or circumstances.
SOURCE: The Marcus Corporation
The Marcus Corporation
Douglas A. Neis, (414) 905-1100
Carlo W. Petrick, (414) 905-1505