A distribution source confirmed reports that the remaining four theaters operated by Chicago-based Kerasotes Theaters would close immediately. The four theaters, with a combined total of 51 screens, were located in Chicago (South Loop), St. Louis Park (suburban Minneapolis), Mountain View, California, and San Jose, California (Valley Fair Mall). All operated under the ShowPlace Icon brand.
Just 10 days ago, Kerasotes announced the sale of its Secaucus, New Jersey, theater to Regal Theaters. The Boston Seaport District theater closed in March after opening in 2018. Sources say the St. Louis Park theater has been acquired by Milwaukee-based Marcus Theaters, the fourth-largest chain in the U.S., and is expected to reopen in the near future. The fate of the other theaters is uncertain, with landlords searching for new operators.
The six theaters are expected to generate $31 million in revenue in 2023, beating out Landmark Theatres, which is not ranked as a major chain and was 32nd in the US/Canada. But this isn’t just a closure story, as the theaters have been run continuously by three generations of the Kerasotes family since 1909.
Aside from the heartbreak of ending a touring screening that has a history dating back to the film’s inception, it is also a reminder of the difficulties screenings face, as it comes at a time when theaters are enjoying their highest box office takings since the COVID-19 pandemic.
At its peak, it operated 95 theaters and 957 screens nationwide, making it the sixth largest in the country at the time. Greek immigrant Gus Kerasotes opened Nickelodeon in Springfield, Illinois in 1909. His sons expanded the theaters, primarily in southern Illinois.
In 2010, the next generation (Tony and Dean Kerasotes) sold most of the expanded theaters to AMC Theatres. Concurrent with that sale, the Kerasotes acquired ownership of new theaters under the Showplace brand that focused on dining and other premium services.
The Chicago theater was the only major theater serving much of the city’s south side and was one of the most important theaters serving urban audiences. The closure of the Kerazotes leaves the area with just two theaters and 18 screens serving the area’s population of 1.2 million.
Tony Kerasotes confirmed the closure but declined to comment at this time.
