AMC reopens 90% of U.S. theaters

Only 78 of 356 international theaters are operating, though

National /
Mar.March 11, 2021 11:00 AM
AMC CEO Adam Aron (Getty, iStock)

AMC CEO Adam Aron (Getty, iStock)

The show is going on for AMC.

The international movie theater chain has reopened nearly 90 percent of its U.S. cinemas.

AMC Entertainment Holdings said Wednesday that 527 out of 589 domestic theaters have reopened since last year’s shutdown. They include theaters in New York City, and theaters in Los Angeles are set to reopen soon. Internationally, only 78 theaters out of AMC’s 356 are operating.

AMC’s sales dropped 89 percent in the fourth quarter of last year after the pandemic’s second wave forced it to shut theaters. Now, business is looking up as venues reopen with limited capacity and states roll out Covid-19 vaccines.

AMC lost $4.59 billion in 2020, the company reported Wednesday. It generated just $162.5 million in revenue.
But the Kansas-based company expects to turn things around this year.

“We have reason to be optimistic about AMC’s ability to get to the other side of this pandemic,” said CEO Adam Aron.

AMC has avoided bankruptcy and thanks to individual investors who banded together on Reddit, its stock rose 467 percent at one point. That helped the company secure $900 million in financing in January. It now has $1 billion cash on hand.

[WSJ] — E.B. Solomont





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