After 100 years of service and cinema, AMC theaters may be reaching the end of the line, according to an article posted at MovieWeb.com. With over 4 billion dollars in debt and no definitive date of businesses coming back to work, the number one theater chain in America may have to file bankruptcy just to keep afloat. “AMC is reportedly in talks with Weil, Gotshal & Manges in an attempt to work through a Chapter 11 bankruptcy filing.” (Movieweb.com)
AMC began shutting down all its locations at the start of the stay home orders on March 17, sending a large number of employees home. According to the article at MovieWeb, AMC is in a difficult position because, “Nearly half of their theaters are located in malls, which will undoubtedly be one of the last public places to open after all of this begins to fade away. Even so, social distancing will more than likely keep open theaters to about half of their normal capacity.” The article also states that AMC will not be able to pay rent to the property owners until business starts again, leaving them at the will of moviegoers who may be hesitant to return right away.
To add to the list of AMC’s hardships to overcome, there is the matter of the movie studios delaying their theater release dates. MovieWeb stated, “All of the major studios have pulled and pushed back their big spring and summer release dates, which is a time when theatres are usually thriving.” This puts AMC and other movie theater chains in a predicament, as even if they did open during the summer, they may not have anything to show in the theaters except films that have been out for some time or have already been released online, such as Disney’s Onward and Dreamworks’ Trolls World Tour.
I personally hope that AMC will pull through. While there are many other theater chains that might remain open, the decline of the number 1 movie theater chain in America may mean the beginning of the end for all movie theaters. Let’s hope that filing for bankruptcy buys them some time in order to get back on their feet.
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Written by Chris Saballos | Twitter: @https://twitter.com/saballoschris