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AMC - AMC Entertainment Holdings Inc News Story

$5.11 0.5  11.6%

Last Trade - 26/05/20

Sector
Consumer Cyclicals
Size
Mid Cap
Market Cap £391.9m
Enterprise Value £4.16bn
Revenue £4.49bn
Position in Universe 2840th / 6360

AMC Theatres furloughs CEO, corporate employees due to virus

Wed 25th March, 2020 10:08pm
LOS ANGELES, March 25 (Reuters) - AMC Entertainment Holdings
Inc  AMC.N , the world's largest theater operator, has placed
its chief executive and all of its  corporate employees on
furlough to preserve cash during the coronavirus outbreak, a
company spokesman said on Wednesday.
    AMC's 1,000 theaters around the world were closed last week
to help prevent the novel coronavirus from spreading.
    "This leaves AMC with no revenue, and substantial fixed
costs that continue," AMC spokesman Ryan Noonan said.
    The furloughs apply to Chief Executive Adam Aron and other 
employees at the company's headquarters in Leawood, Kansas. Some
workers will see reduced hours and reduced pay, while others
will be cut to no hours and no pay.   
    The step was "absolutely necessary to preserve cash and to
ensure that AMC can reopen our doors once this health crisis has
dissipated," Noonan said.
    Movie theaters have gone dark worldwide and some operators
are worried they will not be able to reopen if the shutdown
extends for months. The National Association of Theatre Owners
has called on the U.S. Congress and the Trump administration to
provide emergency relief  L1N2BB2PH .
    AMC's furloughs will extend for the "hopefully short period
of time" that all of its theaters are closed, Noonan said.
Employees will retain health benefits during that time.

 (Reporting by Lisa Richwine; Editing by Tom Brown)
 ((lisa.richwine@thomsonreuters.com; 
Follow me on Twitter @LARichwine;
1 310 491 7275; 
Reuters Messaging:
lisa.richwine.thomsonreuters.com@reuters.net))
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