Movie theaters were not a great business before the Covid pandemic. The industry was already competing with the wide variety of options available to people via streaming, and the fact that most people own large screens to watch movies at home.
Going to the movies used to deliver an experience that was much better than what you could have at home. The rise of flatscreen TVs, which have gotten much cheaper, definitely narrowed that gap
Add in that going to the movies has gotten very expensive and you can see why people only venture out to theaters for really big movies. Tack on the hassle of parking, the price of popcorn and soda, and it’s really easy to argue against leaving the house.
The pandemic also showed people that they don’t really need to go to the movies. They can wait until things come out for Home viewing and watch them then.. in many cases, they can do that without spending an extra dime because most popular movies end up on streaming services we already pay for
And, while there is an occasional blockbuster, that will drive people to theaters, the reality is the business of theaters has gotten smaller. Nobody is going to see a romantic comedy or a traditional comedy, or an art film, or really anything except a giant franchise type film in the theater.
And even then, they can only make so many Avengers films, and there’s a limit to how often people want to get fast and furious. It’s a recipe that’s a disaster for movie theater chains
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CMX was struggling before the pandemic
CB Theater Experience, which operates movie theaters under the CMX name, filed for bankruptcy once before in 2020. That was in the early days of the Covid pandemic when the company faced long periods of not being able to open its theaters or trying to operate them with social distancing.
At that time, the movie industry has been enjoying record box office years. And, while there were signs before Covid that movies might lose ground to home viewing, the industry was considered healthy until the pandemic.
The company is a relative newcomer to the movie theater space, but it has tried to be innovative.
“CMX Cinemas opened its first flagship dine-in theatre in April 2017 at Brickell City Centre, Miami, FL, ushering in a new era of luxury movie-going experiences. CMX provides state-of-the-art technology and luxurious reclining leather seats in some locations that can be enjoyed through different types of experiences including: CMX CinéBistro, the luxury dine-in theatre concept with in-seat service featuring modern, rustic New-American cuisine from classically trained chefs, CMX Cinemas, the upgraded traditional theater with classic concessions,” the company shared on its website.
The company has been trying to give people more reasons to visit its theater.
Select CMX theatres even offer CMX Stone Sports Bar, a standalone bar that supports the chain showing live sporting events.
CMX Cinemas one of the largest movie theater chains in the United States, with 28 locations, 311 screens and over 2,000 employees.
CMX Cinemas files Chapter 11 bankruptcy
CB Theater Experience LLC, a movie theater operator formerly known as Cobb Theater Experience and Cinemex NC, LLC, has filed for Chapter 11 bankruptcy protection in the Southern District of Florida . The Miami-based company, which operates cinema locations under the CMX Cinemas name, listed assets between $50 million and $100 million with liabilities between $1 million and $10 million.
The chain's biggest asset as its real estate and it has been working with A&G Real Estate Partners to examine its real estate platform, according to a Bloomberg report.
Both CMX and A&G declined a request for comment from the news service.
After topping out at nearly $12 billion in 2018, U.S. box office has dropped considerably to $8.5 billion in 2024. It's on pace for similar numbers in 2025 at the year-to-date total sits at $4 billion with the lucrative summer season ahead.
Closing all of its locations remains an option for CMX. Currently, its theaters are continuing to operate.
