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Cinema chain AMC warns it may not survive the pandemic

National News

FILE – In this April 29, 2020 file photo, a message on the ticket window at the AMC Burbank 16 movie theaters complex informs potential customers that it is currently closed in Burbank, Calif. AMC says its business is suffering because of the coronavirus pandemic and it may not survive. All of the company’s theaters are shut down through June, and while the theaters are closed the company is generating no revenue. (AP Photo/Chris Pizzello, File)

(AP) — Movie theater chain AMC warned Wednesday that it may not survive the coronavirus pandemic, which has shuttered its theaters and led film studios to explore releasing more movies directly to viewers over the internet.

All of AMC’s theaters are shut down through June, which means the company isn’t generating any revenue.

AMC says it has enough cash to reopen its theaters this summer, as it plans to do. But if it’s not allowed to do that, it will need more money, which it may not be able to borrow.

After reopening, it may still have problems if entertainment companies delay releasing new films.

Cinemark, another major movie chain, plans to begin reopening U.S. movie theaters on June 19. 

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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