ST. The Louis-Cinema seating manufacturer moved its office to St. Louis last year and filed for bankruptcy on Tuesday.
VIP Cinemas, known as the world's largest manufacturer of luxury horizontal cinema seats, said that the decline in box office revenue and the slow growth of cinema screens have resulted in older cinema seats with longer lifespans than expected, prompting it to apply for Chapter 11 reorganization. ,
, VIP Cinema was originally a residential furniture manufacturer in New Albany, Mississippi, but later launched luxurious reclining theater seats, which succeeded in four aspects. It expanded to 900,000 square feet of buildings in 2015. Last year, it opened global offices in the UK and Dubai, and also moved its corporate headquarters to St. Louis. The company's website did not explain the reasons for the relocation of St. Louis.
According to Reuters, VIP stated in its bankruptcy filing that it hopes to eliminate $178 million in long-term debt by transferring control to the lender and private equity company HIG Capital, which will control 51% of the company's shares. In 2017, HIG invested USD 62.5 million in VIP.
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