AMC closes Ponca City locationNovember 21, 2020 | Featured|Headlines
AMC Theatres has closed the Ponca City location, 800 east Prospect.
A message is posted on amctheatres.com that says the location is permanently closed. Some patrons received emails informing of the closure.
In October the company warned that bankruptcy could be looming if the company could not obtain new sources of liquidity. On Nov. 2 the company posted their third quarter earnings results.
LEAWOOD, Kan. — (November 2, 2020) — AMC Entertainment Holdings, Inc. (NYSE: AMC) (“AMC” or “the Company”), today reported results for the third quarter ended Sept. 30, 2020.
Third Quarter Summary Results
During the third quarter ended September 30, 2020, AMC’s U.S. theatres began to re-open following a five-month suspension of operations. The first domestic theatres opened on Aug. 20, and locations across the U.S. have continued to open since then. As of Sept. 30, AMC had resumed operations at 467 domestic theatres with limited seating capacities of between 20 percent and 40 percent, representing approximately 78 percent of domestic theatres and 73 percent of 2019 domestic same-theatre revenue.
International theatres began to resume operations in early June and as of June 30, 37 theatres in nine countries were open for business. During the third quarter, AMC continued to reopen theatres, with limited seating capacities, in its international markets. As of Sept. 30, AMC had resumed operations at 321 leased and partnership theatres, in 14 countries outside the United States, representing approximately 90 percent of its international theatres and approximately 93 percent of 2019 international same-theatre revenue.
Adam Aron, CEO and President of AMC commented, “The magnitude of the impact of the global pandemic on the theatrical exhibition industry was again evident in our third quarter results, as theatre operations in the U.S. were suspended for nearly two-thirds of the quarter. And yet, despite unrelenting obstacles, the AMC team continued to make significant progress in pursuit of our three key priorities: to strengthen our liquidity position; to dramatically reduce operating and capital expenditures, and to continue to safely and successfully restore our operations.”
Aron continued, “We continue to see state and local governments in the United States recognize the strong steps we have taken through our AMC Safe & Clean protocols, designed in consultation with Clorox and current and former faculty of Harvard University’s acclaimed School of Public Health, to ensure that we are reopening responsibly and with a focus on the health and safety of our guests and associates. The feedback we have received from our U.S. guests indicate that our AMC Safe & Clean policies and protocols are working exactly as intended. We are seeing record-high guest scores for the cleanliness of our theatres, far exceeding the marks we have previously received in the decades that AMC has been tracking guest feedback. The safety precautions we have put in place at our international theatres are similarly robust.”
Aron added, “Of paramount importance, as well, are our efforts to strengthen our liquidity profile. Starting in March, we raised approximately $900 million of gross proceeds from new debt and equity capital, secured more than $1 billion of concessions from creditors and landlords and raised more than $80 million from asset sales. The duration and impact of this pandemic are still affecting us to this day and are certain to continue to affect our results going forward. And yet, as has been the case at AMC for 100 years, we have remained resilient and resourceful. The liquidity enhancing and leverage reducing actions that we already have taken and will further need to take, combined with our relentless focus on efficiency and cash management, are all crucial to navigating through this storm.”
A week after the release, AMC begin closing locations including a location in Hamilton, New Jersey.
A spokesperson for the company told 6abc.com the the ongoing pandemic has caused some closures. https://6abc.com/amc-hamilton-closes-shutting-down-24-theaters/7867963/
The Ponca City location was formerly known as the Carmike North Park 4. It became the AMC Classic Ponca City 4 in March of 2017 after AMC acquired Carmike Cinemas.