A person wears a protective face outside a New York City AMC movie theater. Cineworld's U.K.-listed shares crashed 36% on Monday after the announcement, and they're down 88.5% this year alone; as of early Monday afternoon, shares of Leawood, Kansas-based competitor AMC Entertainment–America's largest movie theater chain–are down 45% in 2020. Both AMC and Regal started opening up U.S. locations in August, but sustained closures in states like New York have kept the movie theater industry scrambling for cash. "This has been the most challenging quarter in the 100-year history of AMC," said AMC CEO Adam Aron in a statement released alongside second-quarter earnings in August. Cineworld, which owns 536 Regal Cinemas in the U.S., did not say when it planned to reopen theaters again.

Source: Forbes October 05, 2020 18:45 UTC