UEC to Acquire Picwood 11
March 31, 2014
United Entertainment Corp. (UEC), a Top 50 theatre chain in the U.S., is pleased to announce it has entered into a purchase agreement with Jack Lowrey to acquire the Picwood 11 movie theatre located at 3800 West Main Street in Russellville, Arkansas. The eleven screen theatre will be the Company’s first in Arkansas. When the deal closes UEC will own and operate 17 movie theatre complexes consisting of 154 digital auditoriums and have operations in 14 states.
Jack Lowrey has been the owner of the Picwood 11 and a fixture of the Russellville area for 73 years. He started out many years ago with a small theatre and has grown it into an eleven screen multiplex that serves several counties today.
Jack commented, “I’ve grown up in the theatre business, originally tearing tickets for my dad. It’s hard to let it go. But I believe we’ve found a good company in UEC to continue to serve our customers at a high level.”
Mike Ross, President of UEC, agreed saying, “We are excited to build upon the entertainment legacy that Jack created. Having theatres in similar markets allows us to roll out programs such as advance ticket sales, online ticketing and a Loyalty Rewards Program, as well as a webpage that is Mobile friendly.”
United Entertainment Corp. plans to renovate the theatre into a modern facility by adding additional stadium seating, reclining seats, new signage, paint, tile, and carpet throughout the building. With the planned renovations to the theatre and adding all new seats, UEC estimates the total improvements at approximately $2.2 million above the purchase price.
In addition, UEC Theatres plans to introduce self-serve beverage stations to help alleviate congestion at the concession stand, flat panel televisions, and possibly a TurboChef oven for expanded food concepts. The food products UEC has typically added to its theatres are as follows: Freschetta Pizza, White Castle Burgers, Pretzel Bites and Funnel Cake Fries.
UEC, headquartered in St. Cloud, Minnesota, owns and operates a chain of video stores and movie theatres throughout the United States. The Company mission is to provide high quality entertainment at reasonable prices to the markets it serves. UEC takes pride in bringing the magic of the movies to communities.
For more information about UEC Theatres, please visit www.uecmovies.com or find us on Facebook at www.facebook.com/uectheatres