AMC on Tuesday announced it aims to reopen all of its theaters next month, banking on people looking to get out of the house in order to watch a movie on the big screen.
The company's theaters closed in March because of the coronavirus pandemic, and on Tuesday, AMC reported it had a loss of $2.2 billion in the first quarter. "These are truly unprecedented times," CEO Adam Aron said in a statement. "We are confident we are taking the necessary steps on a broad array of fronts to ensure AMC's future success as we navigate these turbulent and uncertain times."
Aron also said he believes that blockbusters like Mulan, which is due to open July 24, and months of staying at home will get people to the movies. "There will be significant pent-up demand to get back out into the world," he added. In a regulatory filing last week, AMC said it had enough cash to begin operations again this summer, but would likely not survive being closed longer than that.
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