AMC theaters, the world’s largest exhibitor, suffered a catastrophic 90.9% loss in revenues during the most recent earnings period, with sales clocking in at $119.5 million. That resulted in losses nearing $905.8 million. During this same time last year, AMC had made a record-breaking $1.3 billion.
Rumors have been building up over the last few months that the theater chain might be on the verge of bankruptcy. Earlier on Monday, AMC announced it was raising $47.7 million in cash to stay open — its shares plunged soon after the news.
As of the end of last week, AMC was operating approximately 539 of its 600 domestic locations, and approximately 261 of its 358 international locations. However, people are just not going back to theaters due to the persistent fear of going to public places during this pandemic and/or the lack of big movie titles being released. The theater chain has had its venues closed for most of the year, with the bulk of reopenings having only occurred in late August.
Meanwhile, upcoming releases such as “No Time to Die,” and “Black Widow,” have been postponed until 2021, there are also rumors that “Wonder Woman 1984,” the only blockbuster that hasn’t left the 2020 calendar, will not stick to its Christmas release plans.