AMC Entertainment Inc. says it has sold six of its Canadian theatres, including four in the GTA, as the company focuses on its primary business unit in the United States.
The Kansas City, Mo.-based company has sold four theatres, including AMC Yonge & Dundas 24 in Toronto, AMC Winston Churchill 24 in Oakville and AMC Courtney Park 16 in Mississauga, to Cineplex Inc. AMC also sold two other theatres, AMC Whitby 24 in Toronto and AMC Kanata 24 in Ottawa, to Empire Theatres Ltd.
“These divestitures allow AMC to focus our resources on initiatives which impact our business in the United States,” Mark McDonald, executive vice-president of AMC’s global development said in a release. “We believe Cineplex and Empire Theatres Limited will ensure moviegoers at these locations will continue to have a great experience.”
Cineplex spokewoman Pat Marshall told CityNews that the company paid a “nominal fee” for the four theatres but declined to provide a figure.
They’re also significant tax attributes as a result of this acquisition, which is expected to be completed in the next few weeks, she said.
The 250 AMC Entertainment employees will become Cineplex employees, she said.
Scotiabank was retained to advise AMC Entertainment during the sale.
AMC said it’s still looking for a buyer for its two remaining Canadian locations: AMC Interchange 30 and AMC Kennedy Commons 24.
The company owns 346 theatres with 5,034 screens in the U.S. and Canada.