AMC Theaters Lost $2B During Coronavirus Closures; Looks to Reopen Nearly All Theaters in July

AMC Entertainment says coronavirus losses have grown to $2.18 billion, including a giant $1.8 billion in non-cash impairment charges, for the first quarter of the year.

Now, the theater company is looking to bounce back.

AMC is currently planning to reopen almost all of our U.S. and U.K. theatres in July. So far it has already reopened 10 theatres in Norway, Germany, Spain and Portugal and expects to be fully opened globally in July.

The company said is taking the following steps aimed at optimizing the timeliness, safety and profitability of our reopening:

• Maintaining close contact with local, national and international officials to understand and coordinate the timing
and requirements under which we can reopen.

• Consulting with current and former faculty from the prestigious Harvard University School of Public Health to seek guidance from the best scientists and experts on how best to create a safe environment for our guests and associates. Personal protection equipment, cleaning protocols, limited theatre capacity, blocked seating, and other strategies are all being planned. We are especially looking at high tech solutions as well, to aid in our sanitization techniques including the use of electrostatic sprayers, HEPA vacuums and wherever possible upgraded MERV 13 air ventilation filters.

• Establishing a protocol partnership with the global leader in all things clean, the Clorox Company, as they advise us as to how we can make our theatre environments as safe and clean as possible.

• Educating our guests so that they understand the actions we are taking with their safety in mind.

• Implementing aggressive marketing communications and promotional activity aimed at jumpstarting consumer demand.

• Reducing our cost structure, intensely examining every category of our expenditures to lower our spending wherever possible.

It has not been announced whether the Disney Springs location will be open in July or not.

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