AMC Entertainment (NYSE:AMC) news is seeing AMC stock take a wild ride Friday after announcing reopening plans.
An AMC Entertainment news release reveals that the company plans to have the entirety of its theaters open again by the end of July. This starts with 450 theaters reopening on July 15. Its remaining 150 U.S. locations will open their doors prior to the release of Disney’s (NYSE:DIS) Mulan on July 24.
While AMC Entertainment is reopening theaters, they won’t be reaching max capacity. Instead, the phase 1 part of the plan, which includes the 450 theaters reopening, will limit each showing to 30% of normal capacity.
AMC Entertainment has plans to increase seat capacity to 40% when it reaches phase 2 of its reopening. It notes that phase 3 of the plan will take place around Labor Day and will increase seat capacity to 50%. Phase 4, the final phase, is set for around Thanksgiving and will return theaters to full capacity.
Adam Aron, president and CEO of AMC Entertainment, said this in the news release.
“I cannot emphasize enough how much care and attention to detail we have taken in developing AMC Safe & Clean, our absolute commitment to optimizing the health and safety of our theatres for our guests and associates. Developed along with The Clorox Company, and current and former faculty of Harvard University’s School of Public Health, AMC Safe & Clean represents a comprehensive commitment with a broad array of tools being used in sanitizing our theatres.”
AMC stock started off up on Friday but was down 2.4% as of the afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.