AMC has ‘substantial doubt’ that it can survive coronavirus outbreak shutdown – IOTW Report

AMC has ‘substantial doubt’ that it can survive coronavirus outbreak shutdown

NBC: The world’s largest movie theater chain said Wednesday it has “substantial doubt” it can remain in business after shuttering all of its locations during the coronavirus pandemic.

In April, AMC Theaters said a new debt offering would allow the company to withstand these closures until a partial reopening ahead of Thanksgiving. However, in a filing with the Securities and Exchange Commission the company disclosed concerns about liquidity, its ability to generate revenue and the timeline of reopening its theaters.

In that filing, AMC released preliminary earnings results. The theater chain expects to have lost $2.1 billion to $2.4 billion in the first quarter ended March 31. It will release its earnings on Tuesday.

AMC also revealed that its revenue had fallen to $941.5 million, a nearly 22% drop from the $1.2 billion it garnered in the same quarter last year. The second quarter is expected to be even worse.

“We are generating effectively no revenue,” the company said in its filing. more

25 Comments on AMC has ‘substantial doubt’ that it can survive coronavirus outbreak shutdown

  1. “In April, AMC Theaters said a new debt offering would allow the company to withstand these closures until a partial reopening ahead of Thanksgiving. ”

    Dose that mean we can be looking forward to having a little more freedom to pursue our lives the way we want to by then?

    Or just that we should be hoping it will be allowed by then, wishful thinking as such?

    6
  2. I haven’t been in a movie theater in more than 30 years. I decided long ago I wasn’t giving my money to Hollywood or to the theaters owners who supported them.

    16
  3. Theaters are going the way of the buggy whip and Uncle Xi’s AMC can suck it!
    On the other hand, I do think that one thing that might be kinda cool, especially with video projectors, is for someone like TCM to have movie period showings where they decorate the theater with posters and art of the period and show movies from a particular year and people come to a 40’s night or a 50’s night etc. I think to be able to jump into Mr Peabody’s Wayback Machine for a couple of hours would be cool!
    Oh… and don’t fergit the Warner Brothers cartoons at the beginning!!

    9
  4. What will happen to all the theaters?

    Here’s hoping that, as the properties are auctioned off, they are bought up, on the cheap, by upstart nondenominational churches that lead the Great American Revival.

    7
  5. None of the current venues supporting a public gathering economy can survive with social distancing. It’s not a coincidence.
    Social distancing didn’t adequately kill the retail economy, looting will though. Also not a coincidence.

    My last theater experience was Platoon.
    E.T. was my last drive-in experience.

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  6. When the AMC chain goes on the block, they can certainly be purchased, owned and controlled by local commerce.
    Local trends toward customer satisfaction before bottom-line profits.

    5
  7. They’ll turn most of them into gyms or medical offices.
    I’ve seen one theater turned into a Korean Christian school.
    The most visited theaters are in large malls or casinos.
    Plus, the DVDs come out within the same release date sometimes.
    And I haven’t gone to a movie since the tickets were $14!
    Don’t get me started on the price of candy and drinks. lol

    3
  8. Gee what a shame it would be if Hollywood no longer had the ability or motivation to pay a handful of loud mouth liberal celebrities multi million dollar salaries for so called blockbuster movies. Flatten their salaries, hey after all then they won’t have to complain anymore about equality in pay.

    7
  9. Thousands of movies available on demand (many free) combined with flat screened HDTV? Ans surround system PLUS ability to pause for bathroom breaks. Why go out?

    3
  10. LET EM’ CLOSE!!!
    CLOSE THEM ALL DOWN!!!

    AMC Theatres was acquired by Wanda Group, a Chinese conglomerate headquartered in Dalian, in May 2012.

    CLOSE EM’ ALL DOWN NOW!

    1

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