AMC Doubts That They Will Be Able To Weather The COVID-19 Shutdown
Over the past few weeks, we here at MickeyBlog have been discussing the future of cinemas in the US including AMC which has big screens at both Disney Springs at Walt Disney World and at Downtown Disney at Disneyland Resort.
Like the theme parks, the cinema industry has been badly hit by the COVID-19 shutdowns and AMC has been vocal throughout the crisis saying that their future is potentially in jeopardy. There were even rumors for a while that Amazon may be eyeing a buyout of the chain.
Things seem on shaky ground indeed as the AMC said today that the company has “substantial doubt” that it can remain in business after closing locations around the globe.
The theater said today that they expect to lose somewhere in the ballpark of $2.1 billion – $2.4 billion in the first quarter. The company also advised that their revenue fell to $91.45 million which is down 22% from $1.2 billion in the same quarter last year according to a recent piece on CNN. This quarter the situation is expected to be even worse.
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