AMC, the largest movie theater chain in the world, said Wednesday that it has 'substantial doubt' that it can remain in business after shuttering all of its locations during the coronavirus pandemic.
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.
AMC also revealed that its revenue had fallen $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.AMC had previously sought to conserve cash by furloughing its in-theater employees, halting its operations through June and suspending its dividend payments and share repurchases.
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AMC Theatres has 'substantial doubt' it can remain in businessThe world's biggest movie theater chain, which closed locations around the globe earlier this year due to the coronavirus pandemic, expects to have lost between $2.1 billion and $2.4 billion in the first quarter.
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