VIP Cinema Seating files for bankruptcy | Business | djournal.com

VIP Cinema Seating has 268 employees in New Albany. 

VIP Cinema Seating, which has 268 employees in New Albany, has filed for bankruptcy.

VIP spokesperson Stefani Van der Voort said that no employee in New Albany will be unemployed.

VIP stated that VIP is "the leading manufacturer of luxury cinema seats in the world today."

It manufactures luxury cinema seats in New Albany and can produce more than 1,000 seats per day. The company has five state-of-the-art facilities in New Albany with a total area of ​​more than 900,000 square feet.

The company said the restructuring plan will strengthen VIP's balance sheet, and the company has a corporate office in St. Louis, Missouri.

The company's press release stated: "By eliminating $178 million in long-term debt and obtaining $20 million in new capital, VIP is expected to stand out from this process and become a stronger, more sustainable, and more competitive business."

The company believes that the company should get out of bankruptcy proceedings in mid-April.

Michael Blatz, CEO of VIP Cinema, said: “This is a positive and exciting time for VIP Cinema Seating. We hope to complete the entire reorganization within 45 to 60 days. It will not affect the business, our employees, customers, and supply. Business partners or other business partners.”

Blatz added: "Starting with our breakthrough introduction to non-recliner chairs at CinemaCon, new innovative technologies will be introduced throughout the year. We will continue to provide customers with the same high-quality goods and services while investing in product development, customer experience, and marketing. Marketing, sales operations and finance teams."

Bratz said the company has also established important and growing businesses in Europe and the Middle East.

"VIP faces a huge opportunity. This reorganization will allow us to invest in brands and products, which will help our partners maximize profits," Blatz said. "We are very pleased to receive this support, which will further enhance the company's strength and is firmly committed to fundamentally improving the customer experience."

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