AMC Entertainment Holdings Inc said on Wednesday there were "substantial doubts" about its ability to continue operating, if the company was forced to keep its theaters closed for a longer period because of the COVID-19 pandemic.
Freddie Joyner has more.
The world’s largest movie chain, AMC Entertainment on Wednesday warned there were “substantial doubts” about its ability to continue operating if the company is forced to keep its theaters closed much longer.
Since mid-March, movie theaters worldwide have been shuttered.
The company said in a regulatory filing, “We cannot predict when or if our business will return to normal levels." This comes as individual states within the U.S. are now considering when to allow businesses to reopen.
AMC has said that it had enough liquidity to sustain closures till the end of July, and it has ramped-up cash spending as it aims for a summer reopening.
However, the company also raised fears that even after theaters reopen it may not have enough films to show, and that people will turn to other forms of entertainment or be wary of health risks.
The company expects to report a loss of over $2 billion for the first quarter that ended March 3rd.
AMC operated nearly 1,0000 theaters and over 10,000 screens globally as of the end of March.