COVID-19 has had a significant effect on the world with 6.3 million cases and 380,000 deaths since it first emerged very late last year. The pandemic has put millions of people out of work and resulted in the closure of hundreds of thousands of businesses worldwide in an attempt to mitigate the spread of the novel coronavirus. Now, as companies begin reopening and trying to resume some semblance of normalcy, many are faced with the unfortunate reality that the shutdowns may have done irreparable damage to their financial viability.
One such company is the largest cinema chain in the world, AMC Theatres. Since their closure in March, analysts have predicted that their viability has lessened with every day they’ve been required to remain closed. This has even been echoed by AMC Theatres themselves in a public financial filing Wednesday morning in which they claimed they’ve seen overwhelming losses in the first quarter of 2020. With the pandemic delaying so many movies this year, even reopening isn’t going to lead to significant revenue for the chain, potentially spelling a disastrous end for a company that has ruled the theater business for so long.
However, it isn’t stopping AMC Theatres from giving it a go, as their very first theater reopenings have started as of today. The chain’s Odean subsidiary will begin opening their doors at three locations – Odeon Cinemas Oslo Storo 14, Sandvika 8 and Lillestrøm 7. These mark the first of the chain to allow visitors since the closures began, and AMC Theatres promises six more openings in Norway over the next few weeks and thousands throughout the next few months.
It’s uncertain if AMC Theatres‘ reopening strategy will actually result in saving the company, but they seem dedicated to giving it their all and we can only hope that they’re able to get back on their feet soon.
