Court approves first property sale in liquidation of Guzzo Cinemas as family fights to revive chain
As Ferraris rolled into the parking lot of the newly reopened Mega-Plex in Terrebonne this week for a Brad Pitt Formula 1 movie event, it felt like a flash of old-school cinema glamour.
But elsewhere in Quebec, a court quietly approved the sale of part of the Guzzo cinema group — the latest chapter of the liquidation of what was once one of the province's largest independent theatre chains.
The decision marks a turning point as it's the first property sale under receivership while the group works to repay tens of millions in debt.
In a June 25 ruling, the court approved the sale of the real estate in Laval, which includes a cinema. The buyer is linked to real estate firm Wilnor Group, said court-appointed receiver Dominic Deslandes. The sale price remains under seal. The court also approved $700,000 to cover legal and administrative costs.
'The transaction has been approved by the court. It can be executed right away,' Deslandes said. 'The only thing that's left to be done in court next Monday is the distribution of the funds coming from this transaction.'
From household name to court-ordered closing
Founded in 1974 by Italian entrepreneur Angelo Guzzo, Cinémas Guzzo grew from a single-screen theatre into a household name. By the 2010s, the family-run chain had more than 150 screens. Vincenzo Guzzo — Angelo's only child and a former Dragons' Den panellist — became the public face of the business, amassing more than a million Instagram followers.
But like many theatre chains, Guzzo's empire faltered during the pandemic. Lockdowns shuttered cinemas, audiences stayed home, and the rise of streaming services deepened the financial hit.
By late 2024, Guzzo owed more than $100 million and was placed under interim receivership with 13 weeks to recover. After disappointing holiday sales, the court intervened, leading to the closing of two locations in January — including the flagship at Marché Central — and a further shutdown of the remaining theatres the following month.
One location reopens
Nearly 40 potential buyers expressed interest in Guzzo's holdings earlier this year, Deslandes said in February. That list has since narrowed to more serious contenders.
Two real estate assets remain for sale: a strip mall in St-Léonard that includes a cinema, and a parcel of land in Laval. Talks are continuing, though Deslandes declined to offer details.
Meanwhile, moveable assets have also begun to be sold off.
One exception is the Terrebonne Mega-Plex as Vincenzo reopened this location earlier in May.
'We're going to rebuild what we lost,' Vincenzo Guzzo told Sophie Durocher's show at the time. He still remains optimistic about a comeback.
Though Guzzo submitted a letter of intent, no formal bid has followed so far.
And Deslandes said there's still significant amounts of debt to repay.
'After all the assets are sold, we'll have a clearer picture of whether anything is left for unsecured creditors — but probably not,' he said. 'There's a lot of liability across the group and a lot of companies involved.'
The next court hearing is set for Monday, when the judge is expected to rule on how proceeds from the Laval sale will be distributed.
This story was originally published June 28, 2025 at 11:58 AM.
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