EXCLUSIVE: Deadline hears that the biggest exhibitor in the world, AMC Theatres, has furloughed 600 employees in their Leawood, KS home office
At the time of the chain’s announced closing, AMC boss Adam Aron said, “We are ever so disappointed for our moviegoing guests and for our employee teams that the new CDC guidelines that Americans should not gather in groups larger than 10 people make it impossible to open our theatres. Still, the health and wellbeing of AMC guests and employees, and of all Americans, takes precedence above all else.
It has yet to become apparent how the $2 trillion stimulus package will serve the bigger circuits. Details I understand are forthcoming, though NATO Boss John Fithian remains confident that exhibition will be deemed a distressed business by the U.S. Treasury. Many major studios have either undated or pushed their big releases even deeper into the calendar, i.e. yesterday, Warner Bros. pushedwas undated, to the new date of Aug. 14. President Donald Trump has expressed how he’d like to re-open the U.S. economy by Easter weekend, April 10-12, but the question remains whether local and state ordinances, such as New York which counts the most COVID-19 cases at 30,8K, and is a box office capital, would be willing to go along with that plan.
Wall Street Entertainment analyst Eric Handler in a note yesterday said that after a close look at exhibitor’s balance sheets, AMC Entertainment appeared pretty strapped, with only about four months of liquidity plus lines of credit. He also mentioned that the chain has a total of about $600M and runs through it at the rate of about $155M a month. AMC at the time of this post was trading at $3.50, -1.7%.
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