It’s a foul time for film theaters throughout the nation, and AMC is getting hit notably laborious.
Because the COVID-19 pandemic continues to maintain most companies closed as a consequence of stay-at-home orders in place, theaters are discovering it laborious to stay afloat.
Movie show chain AMC has just lately revealed that it’s contemplating submitting for chapter, placing the way forward for the theaters in query.
Does this imply AMC theaters are closing for good, although?
AMC is contemplating submitting for chapter.
In an effort to forestall the unfold of the novel coronavirus, film theaters throughout the international locations have shut their doorways. As theaters often draw bigger crowds of individuals, making them unable to adjust to social distancing tips, remaining open wasn’t an possibility for a lot of.
Moreover being unable to permit guests to take care of a secure distance from different movie-goers within the theaters, the movie business has nearly come to an entire standstill. Many of the films initially set to launch this yr have been postponed to late summer time or early fall with the hopes it’ll be secure to open, although some studios have determined to as an alternative premiere films solely by streaming companies.
This has put film theaters and AMC in a very laborious place, doubtlessly stopping them from producing income even after they open.
“We’re producing successfully no income,” AMC mentioned in a regulatory submitting, in keeping with CNN.
The corporate allegedly has been contemplating submitting for chapter after seeing a sudden plummet of 22 % in its income, in keeping with the outlet.
Whereas some cities and counties are starting a gradual reopening course of, AMC says there’s nonetheless no assure they’ll have the ability to generate any income, given the present restrictions and obstacles in place.
“Even when governmental working restrictions are lifted in sure jurisdictions, distributors could delay the discharge of latest movies till such time that working restrictions are eased extra broadly domestically and internationally, which can additional restrict our operations,” the corporate instructed CNN.
Does this imply AMC is closing for good?
Whereas this will likely appear alarming for individuals who are followers of the movie show chain, submitting for chapter doesn’t imply AMC will likely be closing all of their theaters throughout the nation.
“We consider we now have the money assets to reopen our theaters and resume our operations this summer time or later,” AMC mentioned, in keeping with CNN. “Our liquidity wants thereafter will rely, amongst different issues, on the timing of a full resumption of operations, the timing of film releases and our potential to generate revenues.”
One of the best ways to forestall contracting or spreading coronavirus is with thorough hand washing and social distancing. For those who really feel you could be experiencing signs of coronavirus, which embody persistent cough (often dry), fever, shortness of breath, and fatigue, please name your physician earlier than going to get examined. For complete assets and updates, go to the CDC web site. If you’re experiencing nervousness in regards to the virus, search out psychological well being assist out of your supplier or go to NAMI.org.