Landmark Theatres’ flagship venue, which has been a destination for countless Academy screenings since 2007 in addition to Deadline’s Screening Series over the years, will be shuttered when its lease expires May 31.
“For months, we’ve worked to extend our tenancy of the Landmark Pico but have been unable reach terms,” Landmark Theatres’ President Kevin Holloway said in a statement. “We’re exploring opportunities to expand our Los Angeles footprint, which we hope to be able to share more on soon.”
The timing of today’s news is particularly unfortunate as specialty cinema has begun a comeback, with A24’s Everything Everywhere All at Once putting arthouses back on the rails after a long pandemic-burdened dry spell. The Michelle Yeon-fronted pic opened March 25 to more than $500,000 from 10 screens in L.A., New York and San Francisco for a hefty $50,965 per-screen average. It is racing toward a $50 million haul, with $42.7 million through Sunday and counting.
The Pico’s pending closure also will hurt the box office for upcoming adult-driven limited-release titles like Downton Abbey: A New Era, which will lose a key L.A.-area venue.
“We send our deepest appreciation to the Pico staff, guests and the filmmaking community for their support over the years,” Holloway added.
Deadline spoke to some specialty distributors who said that they hadn’t been wowed by grosses out of the Landmark Pico since theaters reopened. The venue went from being a mall with foot traffic way-pre-pandemic to an empty office building. Couple that with an older-skewing audience that was hesitant to return during Covid, and the Pico just didn’t keep up with the clip that other theaters were rebounding in Los Angeles.
What happens now? Sources say the AMC Century City and the AMC Grove as well as Laemmle theaters now will be the prime destinations for prolific arthouse fare.
The Landmark Pico at the former Westside Pavilion on Pico Boulevard near Westwood Avenue also boasts upscale amenities and caters to special events, with technology features including a video simulcast system for broadcasting overflow screenings, presentations and Q&As.
It is part of the chain that was acquired in 2018 by the Cohen Media Group’s Charles S. Cohen. Landmark Theaters operates nearly three dozen theaters with 195 screens, including recent acquisitions in the Chicago area and Annapolis, MD.
Landmark continues to run L.A.’s historic Nuart Theatre on Santa Monica Boulevard near the 405. That 1929 venue, which Landmark has operated since 1974, is undergoing a major renovation that began in March.
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