AMC Theaters, the world’s biggest movie theater proprietor, declared Tuesday that it is wanting to restart its 1,000 theaters the world over one month from now.
The chain, which shut every one of its locations March 17 as a result of the coronavirus pandemic, said in its first-quarter earnings report Tuesday that it expects “to be fully open globally in July.”
That incorporates reopening theaters in the United States and the United Kingdom. (AMC) didn’t give explicit dates to the reopenings.
“The company is looking forward to welcoming guests to its theatres as soon as it is safe and wise to do so, as well as being permissible under local, state /provincial, and federal guidelines,” AMC said.
The movie theater industry has been ravaged by a coronavirus. Simply a week ago, AMC said there were “substantial doubts” about its capacity to continue operating if the pandemic-related terminations proceeded.
AMC’s income report Tuesday showed exactly how terrible the harm was for its bottom line.
The organization revealed a net loss of $2.17 billion in its first quarter and said income fell about 22% to $941.5 million, contrasted with $1.2 billion in a similar quarter a year ago.
AMC said it is working with its proprietors, sellers, and different colleagues to oversee or concede some money costs while its theaters were closed. It additionally drew down on revolving credit facilities, suspended the two its stock repurchase program and future dividend payments.
The organization’s stock was up about 4.5% in after-hours trading.
“These are truly unprecedented times,” Adam Aron, AMC’s CEO, said in a statement. “After starting the year with two solid months of revenue growth compared to last year, in mid-March, we were forced to pivot the entire company to respond to the effects of the pandemic.”
The organization’s top priorities remain “the safety and well-being of our guests and associates,” Aron said, as well as “taking sweeping actions to preserve the long term viability of AMC Entertainment.”
The organization said that it is reopening its theaters one month from now to exhibit “Tenet,” Warner Bros.’ Christopher Nolan’s twisty thriller, which is scheduled for July 17, and “Mulan,” Disney’s live-action remake of 1998 animated classic, which is set for July 24.
AMC included that “many things can change between now and July,” however it detailed the steps it is taking to reopen securely given Covid-19.
They incorporate working with local, national, and international authorities to organize the timing and prerequisites required for it to reopen. It additionally said that it was cooperating with Clorox (CLX), which will prompt the organization how to best make its theaters “as safe and clean as possible.”
“We are confident we are taking the necessary steps on a broad array of fronts to ensure AMC’s future success as we navigate these turbulent and uncertain times,” Aron said.
Paulina Rice is a housewife as well as author. She’s the wife of a rock star, and the mother of two young adults, but she’s also been a ballerina, a typographer, a film composer, a piano player, a singer in an all-girl rock band, and a voice in those violent video games you won’t let your kids play. She does her best writing on entertainment such as movies.