The 12-screen Landmark Pico cinema in Los Angeles is closing after 15 years, it was announced. This comes after the Hollywood Arclight closed earlier this year. Landmark Theaters’ iconic venue is closing on May 31st due to the lease expiring, but it will not take away the memories of countless Academy screenings since 2007.

“For months, we’ve worked to extend our tenancy of the Landmark Pico but have been unable reach terms,” Landmark Theatres’ President Kevin Holloway said in a statement. “We’re exploring opportunities to expand our Los Angeles footprint, which we hope to be able to share more on soon.”

The news of the closure is unfortunate because A24’s Everything Everywhere All at Once helped make a comeback after the dry spell the pandemic brought. In March, the Michelle Yeon film had opened to $500,000 from 10 screens in L.A., New York, and San Francisco.

The box office will get hit with the closure of upcoming films, including Downton Abbey: A New Era. 

“We send our deepest appreciation to the Pico staff, guests, and the filmmaking community for their support over the years,” Holloway added.

Pico was once a place with foot traffic, but with the pandemic, it became an empty office building. It does not help that audience members were hesitant to return to the theaters for Covid reasons.

Landmark still owns L.A.’s Nuart Theatre on Santa Monica Boulevard near the 405, which is undergoing a renovation that began in March.