UK arthouse cinema chain Curzon has said it is “business as usual” and expansion plans are ongoing despite an auction date being set for properties owned by Charles Cohen’s Cohen Realty Enterprises.
A New York State Supreme Court judge has set an auction date of November 8 for the sale of the company’s properties, which were put up as collateral for $534m in loans, and include UK cinema chain Curzon and the Landmark circuit in the US, as well as a hotel, office space and design centre.
Cohen acquired Landmark Theatres in 2018 and Curzon Cinemas, alongside distribution arm Curzon Artificial Eye, in 2019.
A spokesperson for Curzon in the UK said: “This process does not affect Curzon’s ability to operate successfully now or in the future. It is very much business as usual.
“Our expansion and development plans remain in place, with new cinemas and refurbishments ready to announce formally in the coming months.”
The spokesperson confirmed Curzon has the funds to cover its ongoing plans for expansion and refurbishment.
Curzon has 16 sites in the UK, and was established in 1934.
In June, a New York State Supreme Court judge postponed a $534m foreclosure filed by Fortress Investment Group, alleging debt defaults by Cohen’s operation related to seven properties.
A spokesperson for Cohen said at the time: “Our theatres are not in jeopardy and Landmark will continue to support the independent film community.”
Cohen’s ownership of Curzon was also understood to not be impacted back in June. However, the Curzon chain has since been confirmed as part of the auction process.
Screen has contacted Cohen’s representative for comment.
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