Alamo Drafthouse Strike Ends With All Laid Off Staffers to Be Rehired
Alamo Drafthouse workers in New York City ended their 58-day strike after reaching an agreement with the management of the dine-in cinema chain.
Employees at the lower Manhattan and downtown Brooklyn locations announced their union had successfully struck a deal in which all laid-off staffers will be rehired. The union went on strike in mid-February after months of bargaining with management over key issues like scheduling, wages and safety concerns. The agreement, which was ratified on Sunday, will reinstate the roughly 70 workers who were let go. It will also restore those employees' previously accrued paid time off, sick days, seniority and hire date, the union said. Struck staffers will resume work on Friday.
More from Variety
Alamo Drafthouse Opts Out of Meta Second-Screen Experience for 'M3GAN' Rerelease, No Phones Policy Will Be Enforced (EXCLUSIVE)
Alamo Drafthouse Lays Off 70 Staff Members From New York City Locations Ahead of Expected Strike
Alamo Drafthouse Lays Off 15 Corporate Employees Amid Box Office Downturn
'Strike won! All jobs are back!' the union announced on Instagram. 'We will be returning to work officially on April 18 but feel free to start patronizing the Alamos in [Brooklyn] and Manhattan as soon as today.'
Alamo Drafthouse workers in lower Manhattan and downtown Brooklyn are organized with United Auto Workers Local 2179. (Alamo operates a third New York City venue in Staten Island, which isn't unionized.) Employees went on strike on Feb. 14 after accusing the theater chain of not bargaining 'in good faith.'
Alamo Drafthouse has declined to comment on the strikes, but sources at the time said those layoffs were part of the seasonal slowdown at the multiplexes. Cinema chains typically staff up around the Christmastime holidays and then shed the extra workforce after attendance stalls in the early winter months of the new year. The circuit also let go of an unspecified number of venue staff across the country's 44 locations in January, as well as 15 corporate employees, for the same reason.
Alamo Drafthouse was acquired last year by Sony Pictures Entertainment. Before that, the circuit had filed for Chapter 11 bankruptcy in 2021 as global theater chains were struggling to survive the prolonged COVID-related closures.
Best of Variety
New Movies Out Now in Theaters: What to See This Week
What's Coming to Disney+ in April 2025
The Best Celebrity Memoirs to Read This Year: From Chelsea Handler to Anthony Hopkins
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
an hour ago
- Yahoo
Dividend King Federal Realty Has a High Yield and Industry-Leading Business
Federal Realty has the longest dividend increase streak in the REIT sector. The company focuses on quality over quantity and is a skilled developer and redeveloper. Federal Realty's dividend yield is notably higher than the REIT industry average. 10 stocks we like better than Federal Realty Investment Trust › Federal Realty (NYSE: FRT) is not the largest real estate investment trust (REIT) you can buy. It isn't even the largest REIT in its strip mall niche. It actually has a fairly small collection of properties in its portfolio. And yet it stands head and shoulders above every other REIT when it comes to its dividend. Here's why now is a good time to consider adding Federal Realty and its industry-leading business to your portfolio. Federal Realty owns strip malls and mixed-use properties, which generally include apartments and offices in the mix with retail. Some of the REIT's individual properties are quite large developments with multiyear projects on them. Others are simple strip malls where locals go to meet their everyday needs, like buying groceries or getting a haircut. From this perspective, Federal Realty isn't particularly differentiated from its competitors. That changes when you see that it only owns around 100 properties, which is generally a much smaller portfolio than its closest peers. However, those properties are particularly well located, with Federal Realty's assets having a higher average income around them and higher average population density. In other words, its portfolio is focused in wealthy areas with lots of residents nearby, which is exactly where retailers want to be located. The strength of Federal Realty's portfolio today is highlighted by its occupancy rates. After dipping during the coronavirus pandemic, they are now back above that level and closing in on 20-year highs. Occupancy ended the first quarter of 2025 at 93.6% but is expected to close in on 95% as the year progresses. Even during the pandemic, when non-essential businesses were closed by the government in an attempt to slow the spread of COVID-19, Federal Realty's occupancy didn't fall below 89%. The real story, however, is Federal Realty's dividend, which has been increased annually for 57 consecutive years. That makes the REIT a Dividend King, which alone is an impressive feat. But there's two more nuances here. First, Federal Realty has the longest dividend streak of any REIT. Second, it is the only REIT that is a Dividend King. Having a small, well-positioned portfolio has clearly paid off. Federal Realty didn't just buy 100 or so properties 57 years ago and sit on them for half a century. It is actually a quite active buyer and seller of assets. The key to its long-term success is what it does with the assets it buys. Usually Federal Realty buys well-located properties that need a little love and attention. That could be as simple as a coat of paint and more focus on tenant quality. A refresh of a property's exterior to make it look up to date goes a long way in attracting customers and tenants. But often the capital investments being made are far more extensive. Federal Realty will usually add to the properties it buys in some way. That can include adding apartments and offices above street-level retail space. It can involve tearing down an entire property and rebuilding it from scratch. Or it can be as simple as getting the permitting to make changes, which alone adds value to a property. When Federal Realty believes that it can sell a property for an attractive price, it will do so and then go on the hunt for another property that it can work on to improve its value over time. In other words, Federal Realty's portfolio is in a near-constant state of flux. And the inherent push is for the improvement in the quality of its portfolio. Management knows from experience that well maintained and located properties attract tenants, customers, and buyers, and that is the REIT's guiding star. Given the quality of Federal Realty's business model, highlighted by its Dividend King status, the shares don't go on sale very often. Today the dividend yield is 4.6%, which is notably higher than the S&P 500 index's (SNPINDEX: ^GSPC) 1.3% and the average REIT's 4.1%. Federal Realty's yield is also near the high side of the range over the past decade. If you are looking for a reliable dividend backed by a high-performing business, Federal Realty should probably be on your short list today. Before you buy stock in Federal Realty Investment Trust, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Federal Realty Investment Trust wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $669,517!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $868,615!* Now, it's worth noting Stock Advisor's total average return is 792% — a market-crushing outperformance compared to 173% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of June 2, 2025 Reuben Gregg Brewer has positions in Federal Realty Investment Trust. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Dividend King Federal Realty Has a High Yield and Industry-Leading Business was originally published by The Motley Fool
Yahoo
3 hours ago
- Yahoo
Bobby Harrison: MS revenue is anemic even before new tax cut takes effect
It should not be a surprise that what was touted as the largest tax cut in state history might be resulting in less revenue to fund Mississippi's vital services such as education, law enforcement and health care. Perhaps a bit of clarification is needed. In recent years, three separate tax cuts have been touted by leaders as 'the largest tax cut in state history': a $416 million tax cut in 2016 and a $525 million tax cut in 2022. But neither is no longer the state's largest tax cut. That was passed earlier this year during the 2025 legislative session. The 2025 tax cut has not yet gone into effect. So, in other words, three times in less than a decade, legislators have passed 'the largest tax cut in state history.' Mississippi's current anemic revenue collections can be attributed to one of three things: an economic slowdown, those major tax cuts, or a combination of the two. The economic slowdown seems logical. After all, billions of federal dollars flowing into the state as part of COVID-19 pandemic relief are drying up. Then there is the issue of the tax cuts. In the 2016 session, the Legislature approved a tax cut for corporations and on personal income totaling $416 million in 2016 dollars. The portion of that tax cut currently being phased out is for corporations. The 2022 tax cut, though, was all on personal income. Based on the May 2025 revenue report released by the staff of the Legislative Budget Committee, corporate taxes for the current fiscal year are down a staggering $237.5 million or 29% with one month left in the fiscal year. No doubt, there are other factors contributing to such a large decrease, but it is safe to assume the reduction in the corporate tax passed in 2016 is a contributing factor. Despite the income tax cut also being phased in, income tax collections are up slightly this year: $34 million or 1.7%. But do not get too excited. Over the prior two years, income tax collections dropped by $253 million. In fiscal year 2023, the income tax accounted for 35% of general fund revenue compared to 28% for the last fiscal year. The goal of legislative leaders and of Gov. Tate Reeves is to eliminate the income tax, and that most likely will occur by 2040 under the massive tax cut passed earlier this year. Meanwhile, buoyed by the drop in the corporate tax, it is likely that the state will end the fiscal year on June 30 collecting less revenue than it did the previous year for only the sixth time since 1970. Revenue collections normally go up just as in most years there is inflation instead of deflation. Inflation drives higher tax collections. Overall, through 11 months of the fiscal year, revenue collections are down $78.7 million or 1.1%. There is a chance that decrease could be offset in the month of June, but it is not likely. Even if it is offset, it cannot be disputed that revenue is slowing. The last fiscal year and this fiscal year, the collections have been bolstered by interest earnings on the state's deposits. For the current fiscal year, the state is collecting $20 million or 15.8% more in interest earnings than it did the previous year. And that is saying something since in the previous year the state collected $68.7 million or 84.4% more than it did the year before that. Proponents have argued that the tax cuts would spur the economy and result in higher revenue collections in other areas such as on the sales tax. But there is not clear evidence of that occurring. Despite what seems like many flashing warning signs, lawmakers who supported the massive 2025 tax cut would tell you there is nothing to see here, no need to be concerned. Lawmakers and Reeves like to point out that the state has more than $1 billion in reserves. They cite those funds and say, of course, we have the money to eliminate more than one-third of the state revenue stream. But they have consistently discounted the billions in federal funds that have poured into the state because of the pandemic. Those funds, which are no longer available, helped build that surplus they dwell on. Because of that surplus, the state in the short term can absorb any lost revenue from the tax cuts. And, incidentally, Reeves can go on national television and brag about 'eliminating' the income tax. But the question is what will be the impact of the tax cuts in 10 years when Reeves and most of the legislators responsible for the tax cut have retired from public services and are drawing their state retirement benefits? Will they still be bragging about passing the state's largest tax cuts three times? This column was produced by Mississippi Today, a nonprofit news organization that covers state government, public policy, politics and culture. Bobby Harrison is the editor of Mississippi Today Ideas.
New York Post
4 hours ago
- New York Post
Craft giant Michaels buys Joann's intellectual property, fan-favorite labels
NEW YORK — Craft labels from the now-shuttered fabrics seller Joann are making their way to a new home: Michaels. The Michaels Companies announced on Thursday that it had completed its purchase of Joann's intellectual property and private label brands — in an acquisition that arrives as the Texas-based arts and crafting chain works to expand its own fabric, sewing and yarn offerings. 'We're honored to have the opportunity to welcome JOANN customers into our creative community and are committed to delivering the selection, value, and inspiration they are looking for at Michaels,' Michaels CEO David Boone said in a statement. Advertisement Craft labels from the now-shuttered fabrics seller Joann are making their way to a new home. Christopher Sadowski The deal, he added, allows the company to better 'respond to rising demand' among both new and existing customers. Financial terms of the acquisition were not disclosed. The Associated Press reached out to Michaels for further information on Friday. Advertisement With roots dating back to a single Ohio storefront in 1943, Joann had grown into a destination for generations of sewers, quilters, knitters and lovers of other crafts for more than 80 years. But more recently, operational challenges continued to pile up — with the retailer pointing to sluggish consumer demand, inventory shortages and rising competition. Joann announced it would be going out of business back in February, just one month after filing for Chapter 11 bankruptcy protection for the second time within a year. Advertisement The Michaels Companies announced on Thursday that it had completed its purchase of Joann's intellectual property and private label brands. NurPhoto via Getty Images At the time, the company said financial services company GA Group, together with Joann's term lenders, had been selected as the winning bidder to 'acquire substantially all of Joann's assets' and conduct going-out-of-business sales at all store locations. Michaels on Thursday said that its purchase of Joann's IP and private brands included the acquisition of 'Big Twist' yarns, which had become a staple in Joann stores over the years. Those 'Big Twist' labels are now being developed as part of Michaels' portfolio — and will be available in-stores and online later this year, the company said. Advertisement In the meantime, Michaels has also dedicated a landing page to welcome former Joann customers online. And as part of its overall expansion into fabrics, Michaels said on Thursday that its adding more than 600 new products from new and existing brands — including quilting supplies and fabrics, specialty threads, sewing machines and more. Michaels, founded in 1973, currently operates 1,300 stores across 49 U.S. states and Canada. Its parent company also owns Artistree, a framing merchandise manufacturer.
