Why did the IMAX theater close surrounded by Valencia?
I was wondering why they arranged to close the Valencia Imax theater in Santa Clarita spinal column in 2006? I am guessing because it wasn't really selling like mad of tickets. I used to like going to this IMAX theater. Now if I want to see an IMAX movie I enjoy to go to Beverly Hills or Universal City.
Answers:
You're right. Sounds close to they weren't selling much.
Here's an article I found:
VALENCIA - Highly touted as a regional draw to Valencia's Town Center Drive when it opened three years ago, the Imax theater closed its doors only just - a victim of a movie industry within decline.
The Imax at Edwards Theatre Circuit Inc.'s Grand Palace multiplex will be converted to a standard theater, said Anita Marie Hill, a spokeswoman for Newport Beach-based Edwards.
While Hill said the Imax partnership simply didn't work for Edwards, Imax chief Rich Gelfond said Edwards severed the contract to manage its own restructuring.
``We've tried to negotiate near some really good lingo, but the management that get Edwards into its bankruptcy didn't want to consider what be better for the overall audience,'' said Gelfond, co-chairman and chief executive officer of Canada-based Imax.
Gelfond also said Edwards failed to bazaar its Imax theaters, leading to the closure of the huge screen at complexes in Valencia, Orange County, Fresno, Houston and Boise, Idaho.
Hill countered that moviegoers apparently don't want the high-tech specialty films that Imax is specified for. They want first-run hits rather than the blind tours offered by ``Galapagos,'' ``Everest'' or ``Journey Into Amazing Caves,'' which grossed $100 million, Gelfond noted.
``The Imax screens overall be not successful to Edwards,'' Hill said. ``They were not profitable. A lot of race don't like one-of-a-kind things. They similar to what's popular.''
The Imax at Town Center was a big bit of the excitement as The Newhall Land and Farming Company developed the pedestrian-oriented entertainment and shopping zone adjacent to Valencia's shopping precinct. But Newhall Land spokeswoman Marlee Lauffer said that closing the theater and its 60-foot-high screen won't affect the center.
``It is totally an Edwards issue,'' Lauffer said. ``I'm solid that they'll use that space in the most modernized way. It'll verbs to be a great location.''
Edwards declared voluntary bankruptcy
Voluntary collapse
The legal proceeding that follows a petition of liquidation. last year, but is expected to verbs operating newer theaters, including the Palace and the company's Canyon Country 10-plex, as part of a reorganization.
Remember, it's a business. If tickets purely don't sell, there's no justification to keep losing money.
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