AMC warns that it might run out of money by the end of 2020

In a filing with the US Securities and Exchange Commission this week, AMC said it expects to burn through its current cash reserves by the end of 2020 or in early 2021.

As of October 9, 2020, AMC had resumed operations at 494 of its 598 theaters in the US, albeit with limited seating capacities of between 20 percent and 40 percent. The majority of theaters still closed are in California, New York, Maryland, North Carolina and Washington State and are among the company’s most lucrative locations, representing 23 percent of revenue in 2019.

Since reopening, AMC has served north of 2.2 million guests, a decline of 85 percent compared to the same period a year ago (before the pandemic).

In addition to dealing with ongoing closures and limited seating capacity, AMC’s business has been impacted by major movie releases being pushed back to 2021. Worse yet, some studios are continuing to explore the direct to streaming approach, bypassing theaters entirely.

Share value in AMC Entertainment Holdings Inc. is down nearly 18 percent on the news.

Regal Cinemas earlier this month decided to reclose its theaters in the US and the UK in response to the continuing pandemic.

Related Articles

Microsoft begins rolling out Windows 10 version 20H2

Windows 10 users running version 1903 or later can now update to Microsoft’s latest publicly available build - Windows 10 version 20H2. The October...

Gone But Not Forgotten: Compaq

While computers had finally made the big jump from machines that took up the better portion of a room to something that could fit...

Apple releases iOS 14.1 with support for iPhone 12, 10-bit HDR, and bug fixes

Apple has release iOS 14.1, a sort of intermediary release between the big iOS 14 release a month ago, and the iOS 14.2...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Stay Connected

0FansLike
2,390FollowersFollow
0SubscribersSubscribe
- Advertisement -

Latest Articles

Microsoft begins rolling out Windows 10 version 20H2

Windows 10 users running version 1903 or later can now update to Microsoft’s latest publicly available build - Windows 10 version 20H2. The October...

Gone But Not Forgotten: Compaq

While computers had finally made the big jump from machines that took up the better portion of a room to something that could fit...

Apple releases iOS 14.1 with support for iPhone 12, 10-bit HDR, and bug fixes

Apple has release iOS 14.1, a sort of intermediary release between the big iOS 14 release a month ago, and the iOS 14.2...

GOG gives away free copies of Europa Universalis 2 to celebrate the series’ 20th anniversary

If you love free stuff as much as we do, then we've got some good news for you today. As of this morning, DRM-free...

2K Sports adds unskippable ads in loading screens for NBA 2K21

WTF?! We're increasingly told that game loading screens will soon be a thing of the past, but 2K Sports apparently thinks those few seconds...