AMC delays reopenings due to coronavirus-postponed blockbusters
Pushed-back released dates from ‘Mulan,’ ‘Tenet’ set back theater chain’s reopening plans
AMC has threatened to stop showing Universal films in its theaters in the future, saying Universal is breaking the business model and dealings in the industry. FOX Business’ Maria Bartiromo and Dagen McDowell with more.
AMC Theaters is postponing its reopening of “approximately 450” locations to July 30.
The movie theater giant had intended to reopen these U.S. locations on July 15, but the delayed debut of select blockbusters has pushed the company to hold off on its original reopening date, according to AMC’s Monday press release.
AMC SHIFTS COURSE, REQUIRES ALL MOVIEGOERS TO WEAR CORONAVIRUS MASKS AFTER FACING BACKLASH
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AMC | AMC ENTERTAINMENT | 4.48 | -0.10 | -2.18% |
Disney’s live-action “Mulan” and Warner Bros’ action spy film “Tenet” were two “major theatrical blockbusters” that AMC made a point to note in its announcement. Both movies had their original release dates pushed to July due to the coronavirus pandemic and have been rescheduled once more for August releases.
AMC’s delayed reopening will reportedly fall in line with seven other movie releases.
AMC WARNS OF 'GOING CONCERN' AS COVID-19 PUTS STRAIN ON THEATERS
(The Walt Disney Company)
Movies That Will Be Released In July & August
- “Saint Maud,” premieres July 17
- “Inception,” rereleases July 31
- “Unhinged,” premieres July 31
- “The Broken Hearts Gallery,” premieres Aug. 7
- “Tenet,” premieres Aug. 12
- “Mulan,” premieres Aug. 21
- “Bill and Ted Face the Music,” premieres Aug. 28
- “Fatima,” premieres, Aug. 28
- “New Mutants,” premieres Aug. 28
Prior to any reopening plans, officials at AMC reportedly said the company had enough cash to survive the coronavirus lockdowns until July.
CORONAVIRUS-BATTERED AMC SAYS IT HAS ENOUGH CASH TO WITHSTAND THEATER SHUTDOWNS UNTIL JULY
FOX Business reached out to AMC to see if the company will have enough cash to operate by July 30 but did not immediately hear back at the time of publication.
(iStock)
Despite this, AMC’S CEO and president, Adam Aron, issued an optimistic statement about the company’s future in its press release.
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“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,” Aron said. “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.”
AMC expects to reopen more than 600 theaters by early August, according to its recent announcement. Adding in the 14 other countries AMC operates in Europe and the Middle East, the company predicts that it will have around 1,000 movie theaters reopened by early August.
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However, this expectation bars further complications from the current pandemic.