Replacing the Red Carpet with Yellow Tape
Despite planning a July reopening, AMC Theaters has delayed that plan yet again. Investors unsure if the movie theater chain will hang on much longer. Despite the company being relatively optimistic in the face of the pandemic, time has not been kind to them as COVID raged on.
Back in March, AMC, Regal and Cinemark closed their doors until further notice. As COVID continued to be a recurring problem, AMC had to start thinking more proactively.
At one point, they ended up liquidating a huge margin of the company’s stock to avoid bankruptcy. This action bought AMC time to think of a reopening plan, but ultimately did nothing but stave off the inevitable horizon.
Over the course of April, May and June, AMC had to constantly restructure and rethink their plans on reopening. Movies like Mulan, Tenet, Top Gun: Maverick and Wonder Woman 1984 kept pushing back their premier dates. Eventually, it seemed like late July was going to be the answer for when to reopen their doors.
That all changed these last couple of weeks. COVID came back with a vengeance following protests, rallies and soft reopenings that were poorly timed. States like Florida, Colorado and California began shutting things back down and getting ready to ride it out. Despite that, there was a two week period where nothing really changed in the movie industry. Movies were still on track to start premiering in the first week of August/late July.
Now, all movies that were once slated for August release, are pushing back to late August, or delaying the films indefinitely. Paramount took Top Gun: Maverick and A Quiet Place Part II off the 202 docket. Saying that fans will have to wait until 2021 to see the much anticipated sequels to the movies.
Disney then came forward earlier today to confirm that it’s following suite with it’s films. Mulan will be delayed until 2021, Black Widow is no longer releasing in theaters and all Star Wars films got pushed back by a year. Warner Bros is choosing to delay the release of Tenet and Wonder Woman 1984 until an unknown date.
In other words, all of the big movies that chains like AMC were relying on to help dig them out of the hole, are now not happening. The company is going to have to go back to the drawing board and try to find the best way to salvage this update.