World's Biggest Theater Chain Almost Out of Money


More bad news from the entertainment industry as the pandemic grinds on: AMC Theatres says it is running out of money and unless things change, its reserves could be used up by the end of the year or early 2021. Studios have delayed the release of major films like Black Widow and No Time to Die, and AMC says the "reduced movie slate for the fourth quarter," along with low attendance, is to blame for the cash crunch,CNN reports. AMC, the world's biggest theater chain, has now reopened around 500 of its 600 or so US theaters with a reduced capacity of between 20% and 40%, but many of those seats are not being filled. The company said Tuesday that attendance in recent weeks is down 85% year-on-year.

Source: Newser.com

Photo: Getty

AMC

AMC