America’s Largest Movie Theater Chain Gone? Could This Be the End Of All AMC Theaters?
The COIVD-19 pandemic has kept people out of movie theaters since March, and now the nation's largest chain of theaters is warning that there is "substantial doubt" that they can stay afloat. Is this the end of AMC? The Hollywood Reporter says the theaters took a huge $2.4 billion dollar loss during the first quarter.
Indoor movie theaters will not start to reopen in New York until Phase 4, and even then it won't at full capacity until a vaccine is found. That's still going to mean huge losses. Also, due to the Coronavirus, studios have pushed back filming and production for at least a year. Some big names are even opting for streaming release instead.
The longer and more severe the pandemic, including repeat or cyclical outbreaks beyond the one we are currently experiencing, the more severe the adverse effects will be on our business...
And there's yet another factor to consider. Will people really want to pack a crowded theater until a vaccine is found? AMC has said they don't plan to open until June or July, even if they're allowed to in some states. Could bankruptcy be coming soon? Will Amazon buy them out?
AMC operates over 1,000 theaters across the United States.