AMC Theatres (NYSE:AMC) says it will reopen its 630+ US theaters until there is new Hollywood product about to roll out. The 1st Summer studio film currently on the calendar is Christopher Nolan’s Tenet on 17 July, followed by Mulan a wk later on 24 July.
The company’s comment comes several days after the National Association of Theatre Owners, speaking on behalf of AMC and other circuits, cautioned that cinemas will not be turning on the lights right away even if some states are rushing to lift shelter-in-place orders instituted due to the coronavirus chaos.
“As we plan our reopening, the health and safety of our guests and associates is our absolute highest priority. To be able to open, we also need a line of sight into a regular schedule of new theatrical blockbusters that get people truly excited about returning to their favorite movie theaters. Those blockbusters are scheduled to return this summer, beginning with Warner Bros.’ Tenet and Disney’s Mulan, with many more major titles scheduled immediately thereafter,” AMC said Friday in its statement.
“While we expect to open our theaters in the weeks ahead of these new blockbusters, utilizing creative programming of immensely popular previously released films, we would be wise to do so only directly in advance of the release of major new movie titles,” the statement continued. “AMC is currently working through every detail required to successfully showcase these exciting new releases in an environment that’s safe and welcoming for moviegoers, and we will share those details as we get closer to the dates when our theaters will reopen.”
Cinemark Theaters (NYSE:CNK)CEO’s has indicated his circuit, the 3rd-largest in the country behind AMC and Regal Cinemas, a unit of Reading International (NASDAQ:RDI) will not open until Summer out of abundant prudence.
The majority of the country’s 5,500-plus movie theaters have been shuttered since 20 March, as Hollywood’s studios quickly pulled their movies from the Spring and early Summer releases.
More than 150,000 cinema workers have been laid off or furloughed, while all of AMC’s corporate staff have been furloughed on a staggered basis.
AMC has been particularly hard hit because of its debt load heading into the medical emergency.
Earlier this month, the company announced a $500-M debt offering in a move designed to avert having to file for Chapter 11 bankruptcy.
HeffX-LTN technical outlook for AMC is Neutral to Bearish in here.
Have a healthy week, Keep the Faith!