Investors rallied behind AMC Entertainment on Thursday, one week ahead of the theater chain’s highly anticipated reopening.
Investors rallied behind AMC Entertainment on Thursday, one week ahead of the theater chain’s highly anticipated reopening. The largest cinema chain in the U. S., like other major players in the exhibition space, has been shuttered since mid-March due to the ongoing coronavirus pandemic. On Thursday morning, the company confirmed that it would reopen next week alongside competitors Regal and Cinemark. Around 400 of the companys more than 600 domestic theaters are expected to be open ahead of the Sept.4 release of « Tenet. » However, the ability to reopen theaters in California, New York, New Jersey and North Carolina is still in question. These states represent around 21% of AMC’s total screens. Shares of AMC spiked more than 22% following the news. Since January, shares of the company are down nearly 23%, and the stock has more than halved since last year.
