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GC exhibits losses amid restructuring

Since Chapter 11 filing, co. closes money-bleeding ops

General Cinemas parent GC Cos. posted a broadened fiscal first quarter loss Tuesday due to restructuring costs and expenses from shutting down some theaters.

GC reported a loss of $3.4 million for the three-month period ended Jan. 31, compared with red ink of $897 million in the year-earlier period.

The Chestnut Hill, Mass.-based company filed for Chapter 11 bankruptcy reorganization in October.

Since that filing, GC has been stepping up efforts to shutter money-losing properties; by Jan. 31 it operated 675 screens in 75 theaters in 20 states, compared with a year-earlier total of 1,041 screens in 134 locations in 24 states.

GC also operates about 160 screens in 17 theaters in South America, up from 132 in 14 locations a year earlier.

Companywide, revenue sank 12% to $86.3 million in the fiscal first quarter.

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