Charles Cohen’s Landmark Theatres “remains dedicated to its business” and “anticipates a favorable resolution” to ongoing, complex litigation that recently saw a judge set an auction date for the chain and other properties.
“Having successfully navigated the pandemic and now adapting to fewer film releases due to last year’s actors and writers strikes, Landmark continues to invest in brand building initiatives to support the longevity of the chain,” a spokesperson for the circuit said in a statement to Deadline.
Cohen’s real estate holding company was sued by lender Fortress Credit Corp. for defaulting on a $534 million loan secured by Landmark and other properties, including a design center, office tower and hotel.
As Deadline reported earlier this week, a New York State Supreme Court Judge ruled that Fortress could recoup through an auction of all the assets set for November 8 as interest continues to accrue and after the two sides were unable to reach an agreement on restructuring the loan.
Landmark’s full statement: “Despite the complexities of this commercial situation, Landmark remains dedicated to its business and anticipates a favorable resolution to the ongoing litigation. Having successfully navigated the pandemic and now adapting to fewer film releases due to last year’s actors and writers strikes, Landmark continues to invest in brand building initiatives to support the longevity of the chain, such as revamped loyalty, food and beverage, and programming offerings, which have yielded annualized growth for the company. We are working on several new builds to suit with various developers in major markets along with renovations of existing assets. Landmark is committed to remaining in business and being a home to filmmakers and film lovers nationwide.”
Cohen acquired Landmark from Mark Cuban and Todd Wagner in 2018.