Carmike Cinemas Inc. agreed to purchase 16 movie theaters operated by Rave Cinemas LLC, including the theater at Patton Creek. According to a Carmike release, the purchase price for the theaters is $19 million in cash and $100.4 million of assumed lease obligations. The purchase was expected to close before the end of the year, and included Rave’s theaters in Lee Branch and Vestavia Hills as well.
Carmike Cinemas President and Chief Executive Officer David Passman indicated in the release that Carmike would not be slashing staff, saying he looks “forward to enthusiastically welcoming the Rave associates at these theatres to the growing Carmike family.”
