AMC Theatres is on the brink of bankruptcy as coronavirus puts movies on pause.
The cinema giant, which brought in a total revenue just over $1.4 billion in the fourth quarter last year, announced in mid-March that it would close its doors nationwide for between six to 12 weeks in compliance with federal directives to help stop the spread of COVID-19.
The Centers for Disease Control and Prevention has urged U.S. residents to stay home as much as possible and keep a social distance of at least 6 feet if they must go outdoors.
“Without a doubt, major disruptions will hit the movie theater business,” Chris Fenton, a film producer and author of “Feeding the Dragon,” told FOX Business. However, he said, “AMC is facing an even worse problem.”
In compliance with local, state, and federal #COVID19 directives, all #AMCTheatres locations are now closed for at least 6-12 weeks. AMC Stubs A-List memberships will be paused automatically during the time AMC theatres are closed.
— AMC Theatres (@AMCTheatres) March 17, 2020
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