Saturday, 16 August 2014

End of Imax in Madrid & Barcelona

Teatromax, the company operating the theaters, has accumulated a debt of over €5.5 million (£4.4m)

Spectators can enjoy no more the unique spectacle of a movie screen with a 45° tilt. Imax Madrid will close at the end of the summer after Teatromax, the company operating these facilities, filed voluntary bankruptcy with a debt of over €5.5 million.  According to the newspaper "El País", attendance figures to Imax theaters in which films are shown in 3D have been declining in recent years, to the point that last year the turnover totaled €1.5 million (£1.2m), the same amount that Teatromax lost in 2013.  Given the situation, the leaders of the company, whose CEO, Juan José Castelló, plans to give a totally different use the facilities that now house cinemas.  For the Imax Port Vell in Barcelona, ​​Teatromax is considering to allocate the building of a new shopping mall and restaurants, taking advantage of the tourist attraction of the area.  In fact, a few meters from the Imax is the Maremagnum, a facility that years ago was a great #nightlife resort, but managed to become successful as a commercial space with a wide range of restaurants. In Madrid, Castelló is considering creating a versatile space that can host events and concerts. #madrid #news

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