The Michigan-based owner of a chain of movie theaters has filed for bankruptcy. Goodrich Quality Theaters of Kentwood filed for Chapter 11 bankruptcy protection on Tuesday, according to MiBiz.com.

Goodrich Quality Theaters owns the Kalamazoo 10 Theaters on the west side of Kalamazoo and the West Columbia 7 on the west side of Battle Creek. In total, Goodrich operates 30 theaters (just under 300 screens)

“We are still a cash flowing company, but it is inadequate to pay our bank debt,” Goodrich added. “We filed for Chapter 11 to try to resolve our issues. We are hopeful that will yet occur.”  - Bob Goodrich, quoted in MiBiz.com.

The story quotes the privately held chain's owner, Bob Goodrich as saying streaming has hurt his theater business, approximately 5-6% last year. He also said that remodeling  several of the theaters simply added debt.

Goodrich maintains, in the story, while some theaters might have to be sold, he is optimistic about the future of his company.