There’s A Chance AMC Theatres In Rockford Could Stay Closed
If there's one thing I've learned throughout the coronavirus pandemic, huge corporations are like most families in the US, they live paycheck to paycheck.
It's something I never noticed until many of these huge companies had to shut down due to the coronavirus.
It's fairly obvious to see that any company, when closed, is losing money. The massive theater chain AMC Theatres, with movie houses in the Rockford area, are hurting just as bad, if not worse, than others.
S&P Global on Thursday downgraded its credit rating for AMC Entertainment to CCC- from B, which takes the company from 'Highly speculative' to 'Default imminent, with little prospect for recovery.'
The 'little prospect for recovery" is the most worrisome for movie fans and further, S&P analysts believe "AMC has sufficient sources of liquidity to cover its expected negative cash flows past mid-summer." Does that mean closure for any, all or some of their over 1,000 theaters?
It's uncertain times for everyone in the world, and this just leads to it. Entertainment is the last thing we should be concerned about at the moment, but when we get through the coronavirus pandemic, where will Rockford and the rest of the world watch their movies?
At home? After this is all over, my time watching movies at the house will be the last resort.
Sweet Lenny is the brand manager of 97ZOK, Q98.5, and Operations Manager for Townsquare Media Rockford. Catch him afternoons 3 to 7 on 97ZOK. Follow him on Twitter, Instagram and like his page on Facebook.