<SEC-DOCUMENT>0001144204-13-018553.txt : 20130702
<SEC-HEADER>0001144204-13-018553.hdr.sgml : 20130702
<ACCEPTANCE-DATETIME>20130329103430
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001144204-13-018553
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20130329

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MARCUS CORP
		CENTRAL INDEX KEY:			0000062234
		STANDARD INDUSTRIAL CLASSIFICATION:	HOTELS & MOTELS [7011]
		IRS NUMBER:				391139844
		STATE OF INCORPORATION:			WI
		FISCAL YEAR END:			0527

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		100 EAST WISCONSIN AVENUE
		STREET 2:		SUITE 1900
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53202-4125
		BUSINESS PHONE:		4142726020

	MAIL ADDRESS:	
		STREET 1:		100 EAST WISCONSIN AVENUE
		STREET 2:		SUITE 1900
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53202-4125
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="image_014.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">March 29, 2013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>VIA EDGAR</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mr. Robert F. Telewicz, Jr.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Staff Accountant</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S. Securities and Exchange Commission</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">100 F Street, N.E.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Washington, D.C. 20549-0305</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><B>Re:</B></TD><TD><B>The Marcus Corporation</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><B>Form 10-K for the fiscal year ended May 31, 2012</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><B>Filed August 14, 2012</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><B>File No. 1-12604</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dear Mr. Telewicz:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On March 5, 2013, The
Marcus Corporation (the &ldquo;Company&rdquo;) received your comment letter with respect to the Company&rsquo;s Form 10-K for the
fiscal year ended May 31, 2012. In your comment letter, you asked the Company to confirm that it will reflect changes to its disclosures
in future filings in response to your comments and to provide certain information to you. We have provided our responses to your
comments below. For your ease of review, we have repeated your comments in their entirety in this letter, along with our responses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Form 10-K for fiscal year ended May 31, 2012</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Item 7. Management&rsquo;s Discussion and Analysis of Financial
Condition and Results of Operations, page 20 </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Financial Condition, page 37</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Liquidity and Capital Resources, page 37</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp; &nbsp;<I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Fiscal 2012 versus Fiscal 2011, page 37</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>SEC Staff Comment</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><I>1.</I></TD><TD STYLE="text-align: justify"><I>Please revise your liquidity section to separately discuss capital expenditures for acquisitions,
new developments, and redevelopments/renovations. In addition, for each period presented, please disclose the total amount of capitalized
internal costs during each fiscal year related to your acquisitions and normal continuing capital maintenance projects. Further,
please specifically quantify the amount of salaries capitalized in each category. Please provide us with an example of your revised
disclosure in your response.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: center; color: #990000">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: center; color: #990000"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: center; color: #990000"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: center"><I>The Marcus Corporation 100
East Wisconsin Avenue, Suite 1900, Milwaukee, WI 53202-4125</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: center"><I>Phone 414-905-1000 Fax 414-905-2879</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: center"><I>A NYSE Company</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><I></I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><I></I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-size: 10pt">The
Company advises the Staff that, during each of its fiscal years ended May 31, 2012 and May 26, 2011, the Company made one acquisition
of a single movie theatre for aggregate consideration of $6.2 million and $9.1 million, respectively. These amounts represented
approximately 0.8% and 1.3% of the Company&rsquo;s total assets for </FONT>the<FONT STYLE="font-size: 10pt"> fiscal year ended
May 31, 2012 and May 26, 2011, respectively. The Company believes that these amounts are not material to its overall financial
position and that disclosure of these amounts for individual movie theatres may potentially be competitively harmful to the Company,
as it might indicate to competitors how the Company values individual movie theatre locations. The Company further believes that
such disclosure may place the Company at a competitive disadvantage when bidding for future individual theatres. As a result, the
Company chose not to distinguish the capital expenditures for these acquisitions from the remaining capital expenditures, all of
which represented redevelopments/renovations, during the fiscal years presented in the referenced Form 10-K. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company further
advises the Staff that, when the Company acquired two theatre chains during its fiscal years ended May 29, 2008 and May 31, 2007,
it did separately disclose the aggregate consideration for each acquisition ($40.5 million and $75.7 million, respectively) in
the liquidity section of Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations and on the
face of its Consolidated Statement of Cash Flows. In each of these cases, the Company believed that the amount of the acquisitions
was material to its financial position (5.6% and 10.8% of total assets, respectively).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">In addition, the Company
advises the Staff that the Company had no new developments and little or no capitalized internal costs, including salaries, during
each of the fiscal years presented in the referenced Form 10-K. As a result, the Company does not believe that any additional disclosure
is necessary in the liquidity section of Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations
referenced above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Contractual Obligations, Commercial
Commitments and Off-Balance Sheet Arrangements, page 39</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>SEC Staff Comment</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><I>2.</I></TD><TD STYLE="text-align: justify"><I>We note your outstanding long-term debt as of May 31, 2012. Please tell us, and provide disclosure
in future filings, to include disclosure of your cash requirements for interest on your indebtedness. Refer to footnote 46 of SEC
Interpretive Release 33-8350.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company proposes
to disclose &ldquo;Interest on fixed-rate long-term debt&rdquo; in its contractual obligations schedule for all future Form 10-K
filings. For the Company&rsquo;s Form 10-K for the fiscal year ended May 31, 2012, the following additional disclosure would have
been added to the existing schedule detailing the Company&rsquo;s obligations and commitments to make future payments under debt
and operating leases:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">Less Than</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">After</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">1 Year</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">1-3 Years</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">4-5 Years</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; border-bottom: Black 1pt solid">5 Years</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 40%; font-size: 10pt; text-align: justify">Interest on fixed-rate long-term debt (1)</TD><TD STYLE="width: 2%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: center">$31,919</TD><TD STYLE="width: 2%; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: center">6,427</TD><TD STYLE="width: 2%; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: center">9,496</TD><TD STYLE="width: 2%; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: center">6,937</TD><TD STYLE="width: 2%; font-size: 10pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt; text-align: center">9,059</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">Interest on variable-rate debt obligations is excluded due to significant variations that can occur
in each year related to the amount of variable-rate debt and the accompanying interest rate.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Item 8. Financial Statements and Supplementary
Data, page 42 </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Consolidated Statement of Cash Flows,
page 50</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>SEC Staff Comment</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><I>3.</I></TD><TD STYLE="text-align: justify"><I>Please tell us, and separately disclose on the face of your Consolidated Statement of Cash Flows,
capital expenditures used to acquire properties, as well as capital expenditures related to existing properties and those related
to other developments.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company refers
the Staff to the considerations described in the Company&rsquo;s response to item 1 above. With those considerations in mind, the
Company respectfully proposes to the Staff that its disclosures on the face of its Consolidated Statement of Cash Flows for the
fiscal years ended May 31, 2012 and May 26, 2011 are adequate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Notes to Consolidated Financial Statements</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>1. Description of Business and Summary
of Significant Accounting Policies, page 51</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>SEC Staff Comment</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><I>4.</I></TD><TD STYLE="text-align: justify"><I>Please enhance your disclosure in future filings to include the company&rsquo;s policies related
to property acquisitions. In your revised disclosure please include the company&rsquo;s policies related to the allocation of value
to identified intangible assets and the accounting for acquisition related costs.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">The Company proposes to include
the following disclosure within &ldquo;Note 1. Description of Business and Summary of Significant Accounting Policies&rdquo; in
future filings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><B>Acquisitions</B> &ndash;
The Company recognizes identifiable assets acquired, liabilities assumed and non-controlling interests assumed in an acquisition
at their fair values at the acquisition date based upon all information available to it, including third-party appraisals. Acquisition-related
costs, such as due diligence and legal fees, are expensed as incurred. The excess of acquisition costs over the fair value of the
identifiable net assets acquired is reported as goodwill.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>3. Additional Balance Sheet Information</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Capital Lease Obligation, page 57</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>SEC Staff Comment</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><I>5.</I></TD><TD STYLE="text-align: justify"><I>Please provide us with more information about your license agreement with CDF2. In your response,
clarify for us whether the digital cinema projection systems were purchased by CDF2 from the company or a third party. In addition,
please explain to us how the deferred gain was calculated and tell us the amount of the initial one-time payment made by the company
to CDF2. Finally, clarify for us how the company is accounting for the reduction of the obligation as a result of the payment of
VPFs by film distributors and the income statement line items that are impacted.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I></I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company advises
the Staff that 618 screens were equipped with digital cinema projection systems in conjunction with its agreement with CDF2. Of
those 618 systems, 64 were previously-installed systems that the Company sold to CDF2 and licensed back. CDF2 purchased the remaining
554 systems from a third party and licensed them to the Company. The Company treated the sale of the 64 previously-installed systems
to CDF2 as a sale-leaseback transaction in accordance with applicable accounting guidance. The difference between the agreed-upon
purchase price of $3,894,000 and the carrying value of the equipment of $3,259,000 resulted in a deferred gain of $635,000 that
the Company will amortize over the 10-year life of the master licensing agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company also advises
the Staff that the Company made an initial one-time payment to CDF2 of $5,438,000 under the terms of the master licensing agreement.
This amount is equal to the difference between the value of the digital systems included in furniture, fixtures and equipment of
$43,878,000 (as noted in the referenced footnote) and the recognized capital lease obligation of $38,440,000 (also noted in the
referenced footnote).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">Finally, when the
film distributors pay the VPF&rsquo;s on behalf of the Company, the Company recognizes the benefit of such payment as a reduction
of the capital lease obligation and related expenses in accordance with ASC 605-50-45-15. The substance of the overall arrangement
between the Company, CDF2 and the film distributors is that the film distributors are subsidizing the Company&rsquo;s cost of converting
from 35 mm projectors to digital cinema projection systems so that the film distributors can continue to drive the implementation
of digital cinema projection systems in theatres across the film industry. Accordingly, the payment of the VPF&rsquo;s by film
distributors represents an incentive to the Company, as the film distributors are paying for substantially all of the Company&rsquo;s
costs to finance the purchase of the digital cinema projection systems from CDF2 (through a capital lease) in order for the Company
to continue to exhibit the film distributors&rsquo; films that it licenses. By analogy to ASC 605-50-45-12 through 45-15, this
incentive can be viewed as a reimbursement of costs incurred by the Company (the customer to the film licensing arrangement) to
sell the film distributors&rsquo; (the vendor) films. This guidance indicates that, when cash consideration received from a vendor
represents a reimbursement of costs incurred by the customer to sell the vendor's products, the incentive shall be characterized
as a reduction of that cost when recognized in the customer's income statement if the cash consideration represents a reimbursement
of a specific, incremental, identifiable cost incurred by the customer in selling the vendor's products or services. As the Company
is incurring incremental interest expense (related to the capital lease obligation) and amortization expense (related to the capital
lease asset) to obtain the use of the digital cinema projection systems that are required to exhibit the films licensed from the
film distributors, the Company is recording a reduction of the capital lease obligation and reduction of the corresponding costs
of the capital lease obligation (interest expense and amortization expense) when the film distributors pay the VPF&rsquo;s on the
Company&rsquo;s behalf. In accordance with ASC 605-50-45-15, in the event that the reduction of the capital lease obligation exceeds
the related interest expense and capitalized lease amortization in a given period, the Company will credit the excess against theatre
operations cost of sales (the line item that includes film distribution expense).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Form 10-Q for interim period ended November
29, 2012</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><U>Consolidated Statements of Cash Flows,
page 7</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>SEC Staff Comment</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><I>6.</I></TD><TD STYLE="text-align: justify"><I>Please tell us how your usage of Net earnings attributable to The Marcus Corporation as the
starting point for your calculation of Net cash provided by operating activities is consistent with paragraphs 2 and 28 of ASC
230-10-45.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I></I></P>

<!-- Field: Page; Sequence: 4; Value: 2 -->
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">The Company reviewed
the guidance referenced by the Staff in its comment and has concluded that its usage of Net earnings attributable to The Marcus
Corporation as the starting point for its calculation of Net Cash provided by operating activities in the referenced Form 10-Q
was not consistent with the guidance. The Company has concluded that it would be more appropriate for the Company to use &ldquo;Net
earnings&rdquo; as the starting point for all future calculations of Net cash provided by operating activities, and will do so
beginning with our Form 10-Q for the interim period ended February 28, 2013. The Company will include any Net earnings attributable
to non-controlling interests as a separate line item under the &ldquo;Adjustments to reconcile net earnings to net cash provided
by operating activities&rdquo; section of the Consolidated Statements of Cash Flows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">*&nbsp; * &nbsp;*&nbsp; *</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will provide enhanced
disclosures consistent with our responses to your comments in future filings beginning with our next Quarterly Report on Form 10-Q,
which will be for the quarter ending February 28, 2013. If you would like to discuss any of our responses, please call me at (414)
905-1000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company acknowledges
that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the Company is responsible for the adequacy and accuracy
of the disclosure in the filing;</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">staff comments or changes to disclosure in response to staff comments do not foreclose the Commission
from taking any action with respect to the filing; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the Company may not assert staff comments as a defense in any proceeding initiated by the Commission
or any person under the federal securities laws of the United States.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Sincerely,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>/s/ Douglas A. Neis</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Douglas A. Neis</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chief Financial Officer and Treasurer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Marcus Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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