AMC, the largest movie theater chain in the U.S., warns that it may not survive the pandemic. It's the latest danger sign for the theater business in North America.
FILE - In this April 29, 2020 file photo, a message on the ticket window at the AMC Burbank 16 movie theaters complex informs potential customers that it is currently closed in Burbank, Calif. AMC says its business is suffering because of the coronavirus pandemic and it may not survive. All of the company’s theaters are shut down through June, and while the theaters are closed the company is generating no revenue.
Movie theater chain AMC warned Wednesday that it may not survive the coronavirus pandemic, which has shuttered its theaters and led film studios to explore releasing more movies directly to viewers over the internet.in North America, which was under pressure even before the pandemic. It has gotten a boost by raising ticket prices and revamping theater-going into a more luxurious experience with drinks and meals, but admissions have been gradually declining since 2005.
“Due to these factors, substantial doubt exists about our ability to continue as a going concern for a reasonable period of time,” AMC wrote in a regulatory filing. The publicly traded company, controlled by Chinese conglomerate Dalian Wanda, has 1,000 theaters in the U.S. and Europe. The company also said it would stay in the black even if local governments only allow it to sell half of its seats to keep customers separated, which the company expects governments will allow for most places in the U.S. by mid-July. Cinemark CEO Mark Zoradi said that even “below that level,” the chain’s theaters can be “very, very profitable.”
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