AMC Plans July Reopening After Reporting $2.2 Billion in Losses

Movie theatre giant, AMC Entertainment, has reported massive losses of around $2.2 in the first quarter of 2020 due to shutdowns caused by COVID-19.

In a statement released today the company said that it is focused on the future in spite of the losses and are aiming for a global reopening in July.

AMC CEO Adam Aron said, "These are truly unprecedented times. 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."

He continues, "In the end, AMC will both succeed and prosper."

The company is moving forward with the hopes that business will return to normal later in the summer when blockbuster films, such as Disney's live action remake of Mulan, are released.

They remain optimistic for summer business despite the uncertain future of openings in major markets such as New York City.

"There will be significant pent-up demand to get back out into the world," said Aron, noting that there would still be set-backs...The waters will be choppy. There may be unforeseen tosses and turns to be navigated through." Aron added.