AMC has picked up another location, announcing today the acquisition of a the former ArcLight theater located at The Hub on Causeway, a large-scale mixed-use development at North Station in Boston
. The 13-screen cinema is new — it opened in December 2019 and closed three months later due to Covid-19.
The giant theater chain also provided an update on its debt, cash position and others metrics in a financial update for investors, a move meant to reassure Wall Street amid reports of uncomfortable cash burn and possible trouble ahead. The volatile meme stock that’s widely held by retail investors is down in mid-morning trade.
AMC said it expects liquidity as of Dec. 31 to stand at between $725 million to $825 million, including $211 million of undrawn capacity under a revolving credit facility — “subject to operating performance during the remainder of the holiday period in 2022 and the timing of landlord concessions.” AMC shares are volatile and APE units have plunged in value since they were issued, which Aron acknowledged, but they still provided much needed cash, he said.
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