Apparently done in by overexpansion, Loews Cineplex Entertainment, the nation's second biggest movie chain, filed for Chapter 11 bankruptcy protection Thursday as part of a bailout plan that will see Canada's Onex Corp take control of the company.

Onex said Thursday that it will immediately close 21 of Loews' 365 theaters and expects to shut about 50 more. The bankruptcy filing allows the company to break leases at unprofitable theater sites.

Source: Studio Briefing