Longtime CFO and COO Ted Croft also became the chain's new CEO after navigating Studio Movie Grill through the pandemic, in which many of its locations stayed open for food delivery orders, and securing funding in a new equity deal. In April 2021, the company announced that they had emerged from bankruptcy. The company's cash reserves are low due to losses caused by the COVID-19 pandemic. In October 2020, Studio Movie Grill filed for chapter 11 bankruptcy protection. As of 2019, Studio Movie Grill has locations in 10 states consisting of over 300 screens. The concept evolved into the Studio Movie Grill chain. The company originated with the opening of the Granada Prestonwood in Addison, Texas, which featured five screens with private luxury boxes and valet parking. Studio Movie Grill was founded in 1993 by Brian Schultz, who served as its CEO for twenty-seven years, until April, 2021.
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