<SEC-DOCUMENT>0001144204-13-029178.txt : 20130702
<SEC-HEADER>0001144204-13-029178.hdr.sgml : 20130702
<ACCEPTANCE-DATETIME>20130515122149
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001144204-13-029178
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20130515

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>
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<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: center"><img src="logo.jpg"></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">May 15, 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>

<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: 0.5in"><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">&nbsp;</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. Following our response dated March 29, 2013, you provided the Company with the following additional
comments in a letter dated April 23, 2013. We have provided our responses to your additional 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; text-align: center">&nbsp;</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>We note your response to prior comments 1 and 3 and are unable to agree with your conclusions.
Please revise the liquidity section of your MD&amp;A to capital expenditures for acquisitions, redevelopments/renovations, and,
new developments. In addition, please revise your Consolidated Statements of Cash Flows to separately present cash outflows for
acquisitions, redevelopments/renovations, and new developments as applicable.</I></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>

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East Wisconsin Avenue, Suite 1900, Milwaukee, WI 53202-4125</I></P>

<P STYLE="font: 8pt 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: 8pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: center"><I>A NYSE Company</I></P></TD></TR></TABLE></DIV>
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<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; text-indent: 0.25in">The Company proposes
to revise the liquidity section of the MD&amp;A in its upcoming Form 10-K for the fiscal year ending May 30, 2013 to incorporate
the Staff&rsquo;s comment. Specifically, the Company proposes to revise the third paragraph of the Fiscal 2012 versus Fiscal 2011
section to read as follows <B><I><U>(changes in bold, italics and underlined)</U></I></B>:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.3in 0pt 0.25in; text-align: justify; text-indent: 0.25in">Total
cash capital expenditures (including normal continuing capital maintenance <B><I><U>and renovation projects</U></I></B>) totaled
<B><I><U>$31.8</U></I></B> million during fiscal 2012, compared to <B><I><U>$16.1</U></I></B> million of capital expenditures incurred
in fiscal 2011. <B><I><U>We did not incur any capital expenditures related to developing new theatres or hotels during fiscal 2012
or 2011.</U></I></B> We incurred approximately <B>$20.0</B> million of capital expenditures during fiscal 2012 in our theatre division,
including costs associated with our up-front digital cinema contribution in conjunction with our master license agreement, costs
associated with a lobby remodel at an existing theatre and expenditures related to the construction of two new <I>Zaffiro&rsquo;s
Pizzeria and Bars <B><U>in existing theatres</U></B>. </I>We incurred approximately $11.5 million of capital expenditures during
fiscal 2012 in our hotels and resorts division, including costs associated with the above described renovations at our Hilton Madison
and Hotel Phillips properties, as well as other maintenance capital projects at our company-owned hotels and resorts. We incurred
approximately <B><I><U>$6.8</U></I></B> million of capital expenditures during fiscal 2011 in our theatre division, including costs
associated with various remodeling and other maintenance capital projects. During fiscal 2011, we incurred approximately $9.2 million
of capital expenditures in our hotels and resorts division, including costs associated with the renovations at our Hilton Milwaukee
and Grand Geneva properties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.3in 0pt 0.25in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.3in 0pt 0.25in; text-align: justify; text-indent: 0.25in"><B><I><U>Acquisition
capital expenditures for our theatre division totaled $6.2 million in fiscal 2012, which pertained to our theatre acquisition in
Franklin, Wisconsin. During fiscal 2011, our theatre division incurred acquisition capital expenditures of approximately $9.1 million
related to our acquisition of a theatre in Appleton, Wisconsin. We did not incur any acquisition-related capital expenditures in
our hotels and resorts division during fiscal 2012 or 2011.</U></I></B></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-indent: 0.25in">The Company also advises the Staff that
in its upcoming Form 10-K for the fiscal year ending May 30, 2013, the Consolidated Statements of Cash Flows for Fiscal 2012 and
Fiscal 2011 will separately disclose acquisitions of theatres in fiscal 2012 and 2011 of $6.2 million and $9.1 million, respectively.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><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>Notes to Consolidated Financial Statements,
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"><U>3. Additional Balance Sheet Information,
page 56</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>2.</I></TD><TD STYLE="text-align: justify"><I>We note your response to prior comment 5. Please tell us how you have considered the guidance
in ASC Topic 605-50-45-14 in determining that payments made by film distributors to CDF2 should be accounted for as a reduction
to interest and amortization expense. In your response, tell us whether the distributors will continue to pay VPFs to the company
once the lease arrangement has terminated. Additionally, tell us whether the company is considered an agent of the distributors
or a principal in the transaction and how you have applied the guidance in ASC Topic 605-45 in arriving at your conclusions.</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"></P>

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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 advises
the Staff that in determining how to account for payments made by film distributors to CDF2, the Company applied the accounting
literature that it believed best reflected the substance of the arrangement. The Company considered both ASC Topic 605-50-45-14
and ASC Topic 605-50-45-15 and concluded that the guidance in ASC Topic 605-50-45-15 better supported the substance of the arrangement
based on the facts and circumstances previously described.</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">ASC Topic 605-50-45-14
states the following (emphasis added):</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 0.3in 0pt 0.5in; text-align: justify">Cash consideration represents
a payment for assets or services delivered to the vendor and shall be characterized as revenue (or other income, as appropriate)
when recognized in the customer's income statement<B> if the vendor receives, or will receive, an identifiable benefit (goods or
services) in exchange for the consideration</B>. To meet that condition the identified benefit must be sufficiently separable from
the customer's purchase of the vendor's products such that the customer would have entered into an exchange transaction with a
party other than the vendor in order to provide that benefit, and the customer can reasonably estimate the fair value of the benefit
provided. If the amount of cash consideration paid by the vendor exceeds the estimated fair value of the benefit received, that
excess amount shall be characterized as a reduction of cost of sales when recognized in the customer's income statement.</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 did not
apply ASC Topic 605-50-45-14 due to the fact that an identifiable benefit (goods or services) was not delivered to the vendor (i.e.
the film distributors) in exchange for the vendor&rsquo;s consideration provided to the Company (i.e. the VPF payments made to
CDF2 on behalf of the Company). Said differently, there is not a revenue transaction between the Company and the film distributors
in exchange for the VPF payments. The Company does not provide an asset or good of any kind to the film distributor, for which
revenue could be recognized. The Company also does not provide any form of service to the film distributor; the Company pays for
the right to exhibit a film, but does not otherwise perform or provide any service to the film distributor. Rather, as explained
below, the purpose behind the consideration provided to the Company by the film distributor is to defray or reimburse the Company
for the routine operating cost of acquiring the digital equipment necessary to exhibit the digital films the Company has rented.</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 underlying assets
in question, the digital cinema projection systems, were delivered by CDF2 to the Company, not the film distributors, and title
to the digital cinema projection systems will not revert to the film distributors at any point in the future. The Company further
advises the Staff that the film distributors will not continue to pay VPFs on behalf of the Company after the lease arrangement
has been terminated nor will the film distributors be required to make any form of additional payments to or on behalf of the Company
under the leasing arrangement. Also upon termination, the film distributors will not own or have any rights in or to the digital
cinema projection systems. Rather, based on the terms of the lease arrangement between the Company and CDF2, the expectation is
that title to the digital cinema projection systems will transfer to the Company upon lease termination, and the Company will continue
to realize the remaining future benefit of the digital cinema projection systems over the remaining useful life. The fact that
the film distributors will have no further involvement with the digital cinema projection systems after the lease ends further
supports that the VPF payments made by the film distributors on behalf of the Company represent incentive payments &ndash; a means
for the film distributors to subsidize the Company&rsquo;s cost of the digital cinema projection systems and continue to drive
the implementation of digital cinema projection systems in theatres across the film industry, and are not provided in exchange
for assets or services received by the film distributors. Additionally, the Company concluded that characterization of the incentive
payments under ASC Topic 605-50-45-14 as revenue would be inappropriate as the Company&rsquo;s leasing of digital cinema projection
systems is a cost of exhibiting films and reimbursements of such costs should not result in revenue recognition.</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"></P>

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<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, rather,
concluded that ASC Topic 605-50-45-15, which states the following, most appropriately reflected the substance of the arrangement:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>&gt; &gt; Consideration Is Reimbursement of Costs
Incurred by the Customer</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.3in 0pt 0.5in; text-align: justify">Cash consideration represents
a reimbursement of costs incurred by the customer to sell the vendor's products and 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. If the amount of cash consideration paid
by the vendor exceeds the cost being reimbursed, that excess amount shall be characterized in the customer's income statement as
a reduction of cost of sales when recognized in the customer's income statement.</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 film distributors
have agreed to make certain VPF payments to CDF2 on behalf of the Company to subsidize a very significant and specified portion
of the Company&rsquo;s costs to finance the use of the digital cinema projections systems, which are specific, incremental and
identifiable costs necessary to show the digital films as a result of the film industry&rsquo;s conversion to digital media. Because
the Company accounts for the lease arrangement as a capital lease, the &ldquo;specific, incremental and identifiable&rdquo; costs
incurred to lease digital cinema projection systems are reflected through interest and amortization expense and, consequently,
the Company believes that the incentive provided by the film distributors should be accounted for as a reduction of these costs
in accordance with ASC Topic 605-50-45-15.</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 it considered the guidance in ASC Topic 605-45 and concluded that it was not applicable to the transaction described.
The Company came to this conclusion due to the fact that it does not engage in a revenue transaction with the film distributors
in exchange for the VPF payments or with regards to the leasing of digital cinema projection systems under a capital lease. Furthermore,
the Company considered that ASC Topic 605-45-15-4(d) excludes incentives that are accounted for in accordance with ASC Topic 605-50
from the scope of ASC Topic 605-45, and accordingly the Company concluded that the VPF payments made by film distributors to CDF2
on behalf of the Company, as described in the paragraphs above, are incentive payments that should be excluded from the accounting
framework in ASC Topic 605-45.</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">&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; 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 Annual Report on Form 10-K,
which will be for the fiscal year ending May 30, 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="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>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"></P>

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<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">&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>

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