Movie theater chain AMC Entertainment (AMC) is gearing up to reopen nearly all of its 1,006 cinemas globally in July after being forced to close them because of the coronavirus pandemic.

AMC is looking to welcome moviegoers back to its theaters with new safety measures. The company, which saw virtually no revenue for the last two weeks of the first quarter, reported a net loss of about $2.2 million for Q1 2020 as a result of the COVID-19 crisis.

To date, AMC has reopened 10 movie theaters in Norway, Germany, Spain, and Portugal. The company is positioning its U.S. reopening dates for the release of Christopher Nolan’s “Tenet” and Disney’s “Mulan,” which will be released on July 17 and July 24, respectively.

In order to reopen and maintain a safe environment for customers, AMC said it has partnered with Harvard University School of Public Health for guidance. The company has also implemented the use of enhanced cleaning protocols, personal protective gear, limited theater capacity, and blocked off seating to promote social distancing.

AMC said it is also looking into additional sanitization techniques such as the use of electrostatic sprayers, HEPA vacuums, and MERV 13 air ventilation filters. The company has also teamed up with The Clorox Company to understand how to make theaters cleaner and safer.

As theaters closed in March around the world, AMC took the necessary steps to maintain liquidity by drawing $325 million from its revolving credit facilities. The company also worked with its landlords, vendors, studio, and other business partners to defer or abate payments while theaters were closed.

AMC saw total revenues reach $941.5 million in the first quarter of 2020. It has a cash balance of $299.8 million as of March 31.

Adam Aron, CEO and president of AMC, said in a statement, “These are truly unprecedented times. I join with all our employees around the world to offer our sympathies to those affected by the coronavirus, as well as our sincerest gratitude to those on the front lines. After starting the year with two solid months of revenue growth compared to last year, in midMarch we were forced to pivot the entire company to respond to the effects of the pandemic.”

Aron continued, “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.”

Shares of AMC stock were up 13.69% as of 9:41 a.m. EDT on Wednesday.

The US Justice Department signaled it plans to end the Paramount Consent Decrees, which bar major film studios from owning movie theaters
The US Justice Department signaled it plans to end the Paramount Consent Decrees, which bar major film studios from owning movie theaters AFP / FREDERIC J. BROWN
RELATED STORIES
Coronavirus Portugal Germany