The world’s biggest movie theater chain AMC Theaters said that it has “substantial doubt” it can remain in business after closing locations across the globe during the coronavirus pandemic.
CNN reports that the theater chain, which closed its theaters earlier this year, expects to have lost between $2.1 billion and $2.4 billion in the first quarter and his quarter, the situation has gotten substantially worse.
The company said in a regulatory filing Wednesday (6/3), “We are generating effectively no revenue.”
AMC added, “Even if governmental operating restrictions are lifted in certain jurisdictions, distributors may delay the release of new films until such time that operating restrictions are eased more broadly domestically and internationally, which may further limit our operations,” the company said.
That includes studios holding back new films from being shown.
The coronavirus outbreak has really hurt the movie theater business. Movie theaters large and small were closed because of the outbreak and some of the year’s biggest films — Mulan, Wonder Woman 1984 and F9 (aka the ninth Fast And Furious film)— were delayed.
Movie theaters like AMC also faced another existential threat because audiences can now watch theater movies at home.