Poor Box Office Sends 100-Year-Old Theater Chain Into Bankruptcy [BNN Bloomberg (Canada)]
AMC Entertainment Holdings, Inc. Class A (AMC)
NASDAQ:AMEX Investor Relations:
investor.amctheatres.com
Company Research
Source: BNN Bloomberg
Metropolitan Theatres Corp. — a family-owned business operating 16 theaters in California, Colorado and Utah — said in court papers that the Covid pandemic and its aftermath on the movie industry stressed its liquidity. Last year's Hollywood strikes are a further blow because fewer film releases are expected through 2025, the company said. Much-larger peer AMC Entertainment Holdings Inc. avoided bankruptcy during the height of the pandemic, but Regal Cinemas parent Cineworld Group Plc filed Chapter 11 in 2022. Others have either gone bankrupt or closed in recent years, including the former owner of the historic Cinerama Dome in Hollywood. Metropolitan Theatres said in Thursday's filing it doesn't have enough cash to make-up for this year's poor ticket sales without reducing rent at its remaining locations. President David Corwin, in a sworn statement, also highlighted continued pressure from streaming as North American ticket sales are down roughly 20% this year. Corwin, whose
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AMC
Earnings
- 2/28/24 - Beat
AMC
Sec Filings
- 4/26/24 - Form 8-K
- 4/24/24 - Form ARS
- 4/24/24 - Form DEF
- AMC's page on the SEC website