AMC Entertainment lost $4.6 billion in 2020 after many theaters were not allowed to be open due to the coronavirus pandemic.
It was “the most challenging market conditions in the 100-year history of the company,” said Adam Aron, the chief executive and president of AMC Entertainment, The New York Times reported.
Although some theaters began opening up with limited capacity at the end of last year, the company still lost $946 million in the quarter that ended Dec. 31.
The drop in sales forced the company to close 60 theaters, including 48 in the U.S.
The company is negotiating its terms with studios such as Universal and Warner Bros. since they sent more movies to their streaming platforms rather than to AMC due to the theaters being closed, according to the Times.
However, Aron expects movies such as “Black Widow” and “Top Gun: Maverick” will help with sales, along with theaters being allowed to open at higher capacities due to a reduction in COVID-19 cases and an increased number of vaccinated people.
He called the coronavirus vaccines the “real salvation” for the company and believes they will be the key to getting the theaters crowded again.
States are beginning to lift some of their coronavirus restrictions and bump up the capacity for theaters.