Analysts: AMC Theaters Close To Filing For Bankruptcy Because Of COVID-19 Shutdown
NORTH TEXAS (CBSDFW.COM/CNN) - With their movie locations in Texas and across the country closed because of the coronavirus pandemic, Wall Street analysts say AMC Theaters will likely soon file for bankruptcy.
The world's largest movie theater chain was already struggling before the COVID-19 outbreak. AMC Theaters have been closed since March 16.
Analysts think it could be August or later before the chain re-opens, but according to their tabulations the company only has enough money to stay liquid until June or July.
The theater chain has already furloughed more than 600 corporate employees and told landlords across the country it will stop paying rent in April.
Shares of AMC were down more than 4% in trading on Thursday.
