AMC Theaters Lost $2.2 Billion Due To COVID-19, Sets Reopening Plan

Mere days after warning it could potentially go bankrupt, AMC Entertainment, which owns the AMC chain of movie theaters, has revealed a loss of $2.2 billion in the first quarter of 2020, thanks in large part to the ongoing COVID-19 (coronavirus) pandemic. Still, even with those losses, the company is gearing up to once again open its doors.

The news comes from Variety, which reports the company plans to reopen its theaters worldwide in July, after shutting them down in March. "These are truly unprecedented times," AMC Entertainment CEO Adam Aron said in a statement. "We are confident we are taking the necessary steps on a broad array of fronts to ensure AMC's future success as we navigate these turbulent and uncertain times."

Thus far, the company has not revealed what approach it will take in reopening. It's worth noting that while the state of California will allow movie theaters to open as of Friday, June 12, AMC will instead be waiting longer--and they're not the only company doing that.

When theaters do reopen, you should prepare yourself for a very different moviegoing experience. In California, theaters will be able to operate at a reduced capacity as of June 12. Each auditorium will be allowed to be filled to 25% capacity or 100 people, whichever is lower. Additionally, it's being required that facemasks are worn when patrons are not eating or drinking. Lastly, theaters will be working to create social distance barriers between theatergoers by blocking off seats.

If AMC's plan to reopen in July goes into effect, that should mean its theaters will be able to play Tenet, the upcoming film from Christopher Nolan. Tenet is currently scheduled to be released on July 17.

Image credit: Getty/Valerie Macon