AMC shifts reopening to July 30 as Hollywood pushes back blockbusters

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A medical worker wearing a mask walks near the AMC movie theater in Times Square amid the coronavirus pandemic on May 7, 2020 in New York City.

Alexi Rosenfeld | Getty Images

As Hollywood once again shifts its film calendar, AMC Theatres is pushing back its reopening date.

On Monday, the largest theater chain in the U.S., said it would now begin its phased reopening of theaters on July 30. Previously, the company had planned on starting to reopen theaters in mid-July in time for the releases of “Tenet” and “Mulan.” 

However, late last week both Warner Bros. and Disney pushed their releases into August as cases of coronavirus continued to spike in parts of the U.S. “Tenet” is now expected in theaters on Aug. 12 and “Mulan” is slated to arrive on Aug. 21.

Earlier this month, AMC flagged to investors that it had “substantial doubts” about its ability to continue operations if it were forced to keep its theaters closed for an extended period of time. It pointed to Thanksgiving as threshold marker for how long it could remain closed without a partial reopening.

The company has also faced some resistance from creditors as it has sought to regain a foothold after being forced to shutter all of its locations in mid-March.

Shares of the company were up about 1% on Monday, but are down more than 41% since January. The stock has a market value of about $440.5 million. 

Upon reopening, AMC said it will operate at a limited capacity and block off seating to maintain safety and require patrons to wear masks. 

2020-06-29 18:33:26

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