AMC Theatres says it has “substantial doubt” it can remain in business after closing locations across the globe during the pandemic.
The theater chain expects to have lost between $2.1 billion and $2.4 billion in the first quarter.
Its revenue fell to $941.5 million, which was down 22% from $1.2 billion in the same quarter last year.
“We are generating effectively no revenue,” the company said.
AMC will continue to monitor the “potential lifting of various government operating restrictions,” but the chain has serious challenges even if restrictions are lifted including studios holding back new films from being shown.
“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.
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