AMC Theatres, which owns Nacogdoches’ only movie theater, said in financial filings Wednesday that it has “substantial doubt” it can stay in business because of the coronavirus pandemic.
Movie theaters around the country have been shuttered to mitigate the spread of the virus. Most theaters closed in March and new releases from Hollywood have faced major delays. AMC has closed all its theaters worldwide, though Gov. Greg Abbott has said theaters in Texas can reopen with limited capacity.
“During this period, we are generating effectively no revenue,” the company said, predicting that they have lost between $2.1 and $2.4 billion in the first quarter.
Even if the theaters were to open, what are expected to be some of the year’s biggest films — “Mulan,” “Wonder Woman 1984” and “F9” have all been delayed. Some production companies have bypassed theaters and opted for digital releases.
The theater company said it has enough cash on hand to resume business “this summer or later” but cautioned that it might need to seek additional financing.
In April, AMC took on $500 million in debt, which company officials say would allow it to weather closings around the world until fall.