AMC Theatres warns of 'substantial doubt' about its future
The AMC Theatres chain says it has “substantial doubt” it will be able to remain in business after closing all of its locations during the coronavirus pandemic.
In the first quarter ending March 31, AMC reported revenue of $941.5 million, down from $1.2 billion in the same quarter last year. The company is expecting a net loss for the first quarter between $2.1 billion and $2.4 billion.
The second quarter could be devastating, as most movie theaters throughout the country have been closed since March.
“We are generating effectively no revenue,” the company said in a regulatory filing.
Locally, the world’s biggest theater chain has seven locations in western Pennsylvania: AMC Classic Westmoreland 15 in Greensburg; AMC Classic Delmont 12; AMC Waterfront 22 in West Homestead; AMC Classic South Hills Village 10; AMC Classic Mount Lebanon 6; AMC Classic South Pike 10 in Sarver; and AMC Classic Uniontown 6.
Besides the closures, there’s uncertainty about how many fans will return to theaters with social distancing measures in place. It also faces the prospects of fans skipping the theater entirely, as several big-ticket movies went straight to streaming services or video on demand.
Mike Palm is a TribLive digital producer who also writes music reviews and features. A Westmoreland County native, he joined the Trib in 2001, where he spent years on the sports copy desk, including serving as night sports editor. He has been with the multimedia staff since 2013. He can be reached at mpalm@triblive.com.
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