One of Korea’s oldest movie theater’s files bankruptcy

September 27, 2008 by Dennis Amith

Chosun reported, “Dansungsa, the oldest movie theater in Korea in Myo-dong, Jongno-gu in Seoul, has gone bankrupt. The main creditor bank of the cinema, Woori Bank, on Thursday said Dansungsa on Sept. 19 failed to pay overdraft repayments worth W1.5 billion (US$1=W1,159) to the Jongno 3-ga branch of Woori Bank and it was finally declared bankrupt on Wednesday.”

“Dansungsa underwent renovation in 2001 to transform itself from a single-hall theater to a multiplex screening up to 10 films simultaneously. It reopened in 2005 and since May this year has been partnered with Cinus, operating as Cinus Dansungsa. However, due to overspending in the renovation and failure to compete with rivals backed by big business like CGV, Megabox and Lotte Cinema, it recorded a W11 billion loss last year.”