Curzon Cinemas: Business as Usual Despite Auction Process

UK arthouse cinema chain Curzon has reassured customers that business will continue as usual, despite an auction date being set for properties owned by Charles Cohen’s Cohen Realty Enterprises.

Auction Process and Expansion Plans

A New York State Supreme Court judge has set an auction date of November 8 for the sale of the company’s properties, which were put up as collateral for $534m in loans, and include UK cinema chain Curzon and the Landmark circuit in the US, as well as a hotel, office space, and design centre.

Cohen acquired Landmark Theatres in 2018 and Curzon Cinemas, alongside distribution arm Curzon Artificial Eye, in 2019.

Curzon’s Commitment to Expansion

A spokesperson for Curzon in the UK said: “This process does not affect Curzon’s ability to operate successfully now or in the future. It is very much business as usual. Our expansion and development plans remain in place, with new cinemas and refurbishments ready to announce formally in the coming months.”

The spokesperson confirmed that Curzon has the funds to cover its ongoing plans for expansion and refurbishment.

About Curzon

Curzon has 16 sites in the UK and was established in 1934.

Background on the Auction Process

In June, a New York State Supreme Court judge postponed a $534m foreclosure filed by Fortress Investment Group, alleging debt defaults by Cohen’s operation related to seven properties. A spokesperson for Cohen said at the time: “Our theatres are not in jeopardy and Landmark will continue to support the independent film community.”

Conclusion

Despite the auction process, Curzon is committed to its expansion plans and has assured customers that business will continue as usual. The chain has the funds to cover its ongoing plans and remains committed to its mission.

FAQs

Q: What is the auction process, and how will it affect Curzon Cinemas?
A: The auction process is a court-ordered sale of properties owned by Charles Cohen’s Cohen Realty Enterprises, which include UK cinema chain Curzon and the Landmark circuit in the US. Curzon has reassured customers that business will continue as usual and that the process does not affect its ability to operate successfully.

Q: Will Curzon’s expansion plans be impacted by the auction process?
A: No, Curzon’s expansion plans remain in place, with new cinemas and refurbishments ready to announce formally in the coming months.

Q: What is the timeline for the auction process?
A: The auction date is set for November 8.