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Employees will be required to have their temperature checked before each shift and will be required to wear facemasks.Our policies and procedures may change after we are able to assess how operationally efficient they turn out to be so we ask for your patience and understanding. Please keep in mind that we are continuing to endure the repercussions of the virus and the requirements regarding capacities, social distancing and mask mandates will still be everchanging throughout our season. GOODTIME III is an active member of PVA (Passenger Vessel Association) and will implement their guidelines and directives as well. You can rest assured as we are strictly adhering to the guidelines set forth by the CDC (Center for Disease Control), the Cleveland Department of Public Health, the US Coast Guard and Ohio Governor Mike DeWine. The stock is now trading at a 52-week high.GOODTIME III and the Fryan Family have been and continue more than ever to being committed in providing a safe and enjoyable environment and experience for our passengers. Shares of Gaiam spiked $1.28, or 18 percent, to close at $8.40 on the Nasdaq. Gaiam and Quadrangle began to negotiate the acquisition a month ago, before GoodTimes Entertainment filed its bankruptcy plan in New York. Quadrangle Capital was banking on sales of both VHS and DVD formats to make its investment work in the company.īut, as more people switched to DVD players, sales of the VHS format did not maintain the kind of momentum investors thought it would - putting the company heavily in debt.
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Quadrangle Capital Partners bought the company in 2003 for an estimated $90 million plus around $160 million of debt in a deal seen as a way for the private equity firm to invest in the growing direct-response marketing industry. Bankruptcy Court for the Southern District of New York, GoodTimes Entertainment owes more than $100 million to hundreds of creditors. Gaiam recently increased its cash position with the sale of Class A unregistered common stock to funds advised by Prentice Capital Management.Īccording to a filing with the U.S. Gaiam said it will finance the purchase with existing cash or borrow under its credit facility. Gaiam expects to close the deal by the end of the third quarter. “Our successful penetration of specialty retailers, combined with GoodTimes Entertainment’s strength in mass market, will create an ideal distribution platform for independent films and other home video titles,” Jirka Rysavy, Gaiam chairman and CEO, said in a statement. In the company’s core wellness/fitness category, Gaiam said it will expand its leading market share to approximately 37 percent.
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Gaiam also expects to distribute 20 million catalogs per year and have about 7 million direct customers. Gaiam’s home media will be carried by more than 40,000 retail stores in United States, in addition to its television and theatrical distribution. With the acquisition, Gaiam said it expects to generate more than $200 million in annual revenue. Among its 2,000 titles are wellness franchises such as “The Firm” and “Tae Bo,” children classics such as “Benji” and “The Jungle Book,” and numerous theatrical releases. GoodTimes Entertainment is a media company that creates and distributes entertainment programming and home video products through various channels, including television, theaters, retailers and the Internet. Once the acquisition is approved by the bankruptcy court, Gaiam will be one of the top 10 studios based on overall DVD market share and the sixth-largest market share in non-theatrical DVDs - surpassing the likes of Twentieth Century Fox, Universal, Columbia Tristar and MGM. GoodTimes Entertainment filed for bankruptcy protection on July 11. The deal, announced July 12, is pending federal bankruptcy court approval. Taking a step into the big leagues, wellness, mind-body and fitness entertainment company Gaiam (Nasdaq: GAIA) has said it intends to pay $40 million to buy the assets of GoodTimes Entertainment, which has a video library containing more than 2,000 titles. Get access to everything we publish when you