Goodrich Quality Theaters, Inc., which owns the Krafft 8 theater in Port Huron, has filed for Chapter 11 Bankruptcy in the U.S. Bankruptcy Court in the Western District of Michigan. Several creditors have filed claims against the company. Taking the blame for the bankruptcy are lost customers due to streaming services and cash spent on investment in the theaters, according to a report from the owner on MIBiz.
Patrons to the Krafft 8 theater have noticed upgrades in the seating in the local theater along with other improvements. Renovations were made to several of the theaters in recent years, according to the report. The investment did not pay off as quickly as intended and the company was left with a nearly $30 million bank loan default. The manager of the Krafft 8 theater declined to be identified by name, but confirmed by phone that it is business as usual at the theater and there are no anticipated changes to the movie schedule. She declined comment on the bankruptcy news. Goodrich owns thirty movie theaters with 281 screens in five states. Fourteen theaters are located in Michigan.