October 23, 2020
To Our Studio Movie Grill Team, Guests, Community, and Vendor Partners,
Today, we announced that Studio Movie Grill (“SMG”) filed a voluntary petition for reorganization under Chapter 11 of the Bankruptcy Code. Prior to its filing, SMG reached an agreement with its secured lenders to support its restructuring through financing and an agreement regarding the terms of a plan that will provide a sustainable path forward for our dine-in theater chain.
We plan to use this filing to strengthen our business by reducing liabilities and reposition SMG to emerge a stronger organization built for the future as we recover from the unparalleled impact of COVID-19. We intend to move through the process as quickly as possible.
A few important points I would like you to know:
- Studio Movie Grill is open for business as usual.
- We will continue to operate with our same standards of excellence and safety.
- Your Studio Movie Grill gift cards will continue to be valid and retain their value.
- We remain committed to continuing to provide exceptional and safe guest experiences for the communities we serve.
Please know that each and every one of you are valued and integral to SMG’s success and be assured that this restructuring demonstrates a commitment to SMG’s future as we strive to preserve our mission of Opening Hearts and Minds, One Story at a Time®.
Our guests can be assured that, during the Chapter 11 process, SMG is fully committed to continuing to offer great service, and simple, safer ways to enjoy movies and meals in a welcoming environment in support of the future of theatergoing. Film and all creative arts are an integral and powerful part of the joy of the human experience, a way for us to better understand the lives of those around us and to come together, which we cannot afford to lose.
Brian Schultz, Chairman
Studio Movie Grill
Opening Hearts and Minds, One Story at a Time®