AMC was looking to reopen on July 15th, just ahead of the releases of ‘Tenet‘ and ‘Mulan.” Now that both of those films have been pushed back until August, the theater chain has postponed reopening 450 of their 600 theaters, until July 30. They also hope to be back to full operations by early August.
Last week both Warner Bros. and Disney announced delays to the two films that would be leading the new releases. Tenet will now be released on August 12, and Mulan will come to theaters on August 21.
AMC has already announced that they would require masks, will have stringent cleaning processes, will limit capacity and they will block off seating to maintain physical distancing in the theaters.
AMC CEO & President, Adam Aron offered this statement:
“We continue to devote extraordinary resources into our plan to operate our theatres with a hyper commitment to the safety and health of our guests and associates, notably in the United States through our new AMC Safe & Clean initiative. Our theatre general managers across the U.S. started working full time again today and are back in their theatres gearing up to get their buildings fully ready just a few weeks from now for moviegoers. That happy day, when we can welcome guests back into most of our U.S. theatres, will be Thursday, July 30.”
It’s only a couple of weeks, so that shouldn’t change the financial situation too much for the company. They’ve already lost more than 41% of their stock since January, but it was up about 1% today.
Previously they announced they had enough to stay closed until Thanksgiving 2020, but hopefully it won’t come to that. Although, I don’t expect the theater market to bounce back that quickly as there will be capacity limits. Plus a lot of movie goers might need some time to build up the confidence to return.
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