AMC Says 98% Of Movie Theaters Have Reopened; One In Mass. Remains Closed
BOSTON (CBS/AP) -- AMC says 98% of its movie theaters will be back open Friday. The company nearly filed for bankruptcy after losing more than $4.5 billion during the pandemic.
Movie theaters all over shuttered their doors a year ago as the coronavirus pandemic swept the globe. While some movie theaters have opened over the past few months with limited capacity and enhanced safety protocols, the announcement by AMC — the nation's largest movie chain — to open nearly all of its U.S. theaters by month's end means more people will have more locations to choose from if they want to see a film on the big screen.
Nine of the 10 AMC theaters in Massachusetts have already reopened.
Only the theater at Assembly Row in Somerville remains closed. Somerville has reopened slower than the rest of the state, and movie theaters there are not allowed back just yet.
Analyst Eric Wold of B. Riley Securities said in a recent client note that he continues "to see an attractive setup for an attendance and box office rebound into 2022 on an impressive, blockbuster-fueled film slate." He increased the company's price target to $7 from $5.50.
Shares of AMC Entertainment Holdings Inc. rose more than 3% to $14.03 in afternoon trading on Thursday. In the year to date the stock is up over 500%.
More theaters opening will also mean more jobs for people to go to. AMC spokesman Ryan Noonan says the company is welcoming back employees who were working for it prior to theaters being shut down, as well as bringing in new workers. All will be trained on its cleaning and safety protocols, which include social distancing and automatic seat blocking in each theater, mandatory mask wearing, hand sanitizing stations, upgraded air filtration, contactless ticketing and mobile ordering for food and drinks.
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