AMC expects theaters to be 'fully open' by July
AMC Entertainment, the largest movie theater chain in the U.S., said Tuesday that it plans to be fully open globally by July as it also reported a more than $2 billion quarterly loss that reflects the financial damage of theater closures because of coronavirus.
AMC suspended operations at all domestic and international theaters, resulting in virtually no revenue for the past two weeks of the first quarter.
The company said it has already reopened 10 theaters in Norway, Germany, Spain and Portugal. The company is currently planning to reopen almost all of its U.S. and U.K. theaters in July in time for the Warner Bros. release of Christopher Nolan’s Tenet slated for release on July 17th and Disney’s Mulan slated for release on July 24th.
AMC, which earlier this month said it may not survive the fallout from the pandemic, reported a $2.2 billion loss for the quarter that ended March 31, wider than the $130.2 million loss it reported in the first quarter of 2019.
AMC said it has taken numerous steps to offset the blow from the closures including furloughs, suspending contractors, eliminating unnecessary expenses and negotiating financial arrangements with landlords and studios. The company also has suspended the company's stock repurchase program.