Connect with us

Breaking News

Cinemark and AMC Plan to Remain Open Amid COVID-19 Pandemic

Editorial Staff

Published

on

Cinemark and AMC Plan to Remain Open Amid COVID-19 Pandemic

Even with the ongoing COVID-19 pandemic, Cinemark and AMC say they do not plan to shut down.

According to Fox Business, these two companies reiterated that they will remain open after Cineworld, “the second-largest chain in the U.S., announced over the weekend that it’s closing all of its Regal Cinemas locations in the United States due to a lack of new releases to market around as well as low turnout for the films that it can show.”

On Tuesday, both Cinemark and AMC said that 80% of their U.S. locations currently operate to serve the public. They also said these locations will remain as such.

Movie theaters are finding new ways to earn money during the pandemic. According to CNBC, AMC in particular “has been challenged by the more than $4.75 billion in debt it amassed before the crisis from outfitting its theaters with luxury seating and from buying competitors such as Carmike and Odeon.” Nonetheless, the company “was able to close a debt deal in July to make itself solvent through 2021.”

Cinemark is leaning towards private theater rentals to boost income. Renting a theater used to cost $250 to $500 before the pandemic. Now, rentals are at $99 to $175.

“Cinemark’s reopening plan was designed with multiple contingencies in place to ensure we are able to be nimble and react as needed to this ever-changing environment,” the company said in a statement.

Up Next:

View Our Patiotic T-Shirt Collection:

Loading products ⌛️ ...


Continue Reading
Click to comment

Leave a Comment

Copyright © 2020 Breaking News Alerts. This copyrighted material may not be republished without express permission. The information presented here is for general educational purposes only. MATERIAL CONNECTION DISCLOSURE: You should assume that this website has an affiliate relationship and/or another material connection to the persons or businesses mentioned in or linked to from this page and may receive commissions from purchases you make on subsequent web sites. You should not rely solely on information contained in this email to evaluate the product or service being endorsed. Always exercise due diligence before purchasing any product or service. This website contains advertisements.

Loading cart ⌛️ ...
[email]
[email]