Hey All,
What happens to movies after they are no longer seen in the theaters. On opening day there must be around 1000 copies (or more) of the same film.
Does it get sent back?
-TIAFYH
yeah good question. Are the copies bought outright by the theatres, or do they still belong to the production company?
I imagine the individual studios take them back, and probably either put 'em in storage, hand 'em out as mementos to the higher-ups of the movie, or destroy 'em (depending on which movie… I betcha the Gigli reels wound up toasting somebody’s marshmallow).
I used to work at a movie theatre. Our old films were sent to this discount theatre( seriously ghetto theatre) after we decided to replace the film with a better profitting film. I don’t know if we sold it to them, or it was rented or whatever.
There any number of secondary/tertiary markets for films. After they finish their run at a first-run house, films are often sent to second-run or Art houses. From there, they can travel overseas, or make the college circuit. I have spent many an evening at clooege theatres, watching films that had been released years before…the prints scratched and spliced…good times. 
All films remain the property of the studio. You can get in big trouble if you “lose” one.