AMC's shares plummeted 10% after rival Cineworld said it will close nearly 700 movie theaters
Still reckoning with government-mandated theater closures amid the coronavirus pandemic, shares of movie theater chains crashed Monday after United Kingdom-based Cineworld said it's suspending operations at all of its nearly 700 locations in the U.S. and U.K. following news that a number of high-profile films won't be released until 2021.AMC shares plummeted after the announcement on Monday, falling 10% as of 1:15 p.m.
Shares of 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.
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