AMC To Reopen Most U.S.and U.K. Theatres In July

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AMC Entertainment Holdings said that it plans to reopen almost all of U.S.and U.K. theatres in July. It had suspended the operations in US on March 17 following the Covid-19 outbreak.

The world's largest theatre chain said it could be in position to showcase Warner Bros' release of Christopher Nolan's TENET now slated for release on July 17th followed by Disney's MULAN scheduled for release on July 24th, the company said in a statement.

The company has already reopened 10 theatres in Norway, Germany, Spain and Portugal, and expects to fully open globally in July.

AMC said it is in discussion with Universal, and no movies made by Universal Studios are currently on its docket.

The company, which earlier this month said it had substantial doubt in its ability to continue its business as theaters across the world remain closed, said its net loss for the first-quarter widened to $2.18 billion from last year $130.2 million due to an impairment charge.

AMC saw virtually no revenue for the two weeks of the first quarter.

Quarterly revenues dropped 21.6 percent year-over-year to $941.5 million.

The company said it has taken and continues to take significant steps to preserve cash by eliminating non-essential costs. It included full or partial furloughs of all corporate-level company employees, and suspending stock repurchase program.

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