Landmark Theatres turns 50 this year, but this could be its last. Owned by the Cohen Media Group, they’re part of a foreclosure auction against Cohen Bros. Realty by the Fortress Investment Group for payment of a $534 million loan under New York Uniform Commercial Code law. A judge declared the auction should proceed November 8 unless Cohen and Fortress come to an agreement.
IndieWire also learned that on August 5, the U.S. Department of Labor on August 5 ordered Cohen to deliver $82,309 in back pay and penalties to six New York employees not compensated for overtime. “The violations found here were willful and repeated with significant penalties,”said Wage and Hour Division District Director Jorge Alvarez in New York.
Related Stories
Robert M. Young, Trailblazing Independent Director, Dies at 99
Ray Price, True Indie Film Maverick, Is Dead at 75
Losing the 29-location Landmark chain, best known for its focus on first-run specialized titles, foreign films, and re-releases, sounds like devastating news. It still contains still notable theaters like the Sunset 5 and NuArt in Los Angeles, Dallas’ Inwood Theater, and the E-Street in Washington. Cohen Media Group also acquired leading British specialized circuit Curzon Cinemas in 2019. The Quad Cinema in Manhattan is another Cohen property; although not under the Landmark banner, it’s programmed by the chain.
However, when presented with the possibility that Landmark could be dissolved, some distributors told IndieWire that its market positioning has eroded to the point of its loss being a drag but not a disaster. Cohen Media did not respond to a call for comment.
Distribution sources contacted by IndieWire indicate business as usual with Landmark —although the circuit hasn’t been great in communicating closures (most recently, Denver’s Chez Artiste). And as we’ve seen with other theatrical bankruptcies, the most viable locations often find a way under new management.
If the the Landmark brand does come to an end at the auction block, it will end a fabled history. Formed in Los Angeles, it began with a repertory booking policy that included double features of recent films with daily changes, usually with a multi-week printed calendar. However, Landmark evolved to become the most important first-run specialized film circuit.
At its height, it had The Landmark in Los Angeles (one of the four most important platform locations in the country) as well as key theaters across the country. When Cohen bought Landmark in 2018, it had 52 locations, far bigger than other specialized circuit. It was impossible for a specialized distributor to exist without its theaters.
That also left Landmark particularly vulnerable to the impact of Covid; with its heavier reliance on older moviegoers, the specialized industry has yet to recover. As those audiences became sparse, Landmark tried to pivot to films that drew crowds. In some respects, that’s been a success — itsthree biggest grosses this year are “Inside Out 2,” “Dune: Part 2,” and “Deadpool & Wolverine” — but Landmark earned its reputation by playing the films that other theaters didn’t.
Further complicating its strategy were distributors’ own post-Covid responses that moved away from slow rollouts and platform releases in favor of quick expansions without exclusivity. Ironically, current releases “Sing Sing” (A24) and “Didi” (Focus) are doing it the old-fashioned way with platform runs that began in New York and Los Angeles — but neither utilized Landmark locations. Now that the films are in 88 theaters (40 for “Sing Sing,” 48 for “Didi”), Landmark has only nine of them. AMC, the world’s biggest theater chain, had 32 of their runs.
Landmark also failed to keep up with an era that demanded improvements in presentation and amenities. Few offer premium screens and distributors report that maintenance has also been an issue.
In 2023, Landmark was the #36 circuit in U.S./Canada, grossing about $29 million, down from its prime when its annual grosses exceeded $100 million. They comprised about four percent of the total gross for top specialized titles like “Poor Things” (3.9 percent) and “The Zone of Interest” (4.7 percent). Landmark dates represented 2.5 percent of “The Holdovers” take, although the 2024 Oscar shorts program did nearly 12 percent of its business there.
However small, these numbers aren’t negligible in a tricky market. But in most cases, other area theaters could take up the slack. Several large market independent theaters are doing well, including The Music Box in Chicago, the Coolidge Corner near Boston, the Belcourt in Nashville, the Cinema 21 and Hollywood in Portland. In New York, the Angelika and IFC Center remain prime platform runs. Regal and Cinemark have crossover locations that can do well on specialized films. It’s also possible if the Landmark locations become available, either independents or other chains might keep them going.
Foreclosure is never an upbeat story and the company headquartered in West Hollywood retains many capable industry veterans. But the specialized industry has shown resilience post-Covid, even with the loss of such key venues as the Arclight Hollywood and the Landmark. Landmark Theatres will always have its legacy, but it didn’t keep up with the times.
