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Movie theaters seek bailout as coronavirus devastates business
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The widespread social distancing that Americans are practicing to curb the spread of coronavirus is hitting practically every corner of the economy, and movie theaters are no exception.AMC and Regal Cinemas, the two largest movie theater chains in the country, shut down all their theaters in the U.S. on Monday, followed by Cinemark, the No. 3 player, on Tuesday.By Wednesday, almost all movie theaters in America had closed, giving a general timeline of six to 12 weeks before they’ll reopen.Now the industry, which has more than 150,000 hourly workers, is already asking for relief.The National Association of Theater Owners or NATO (but not that NATO), a trade group whose member chains own more than 30,000 screens in the U.S., is asking the federal government for immediate relief measures: loan guarantees to help with liquidity; tax benefits so that chains can still pay employees; and “tax measures that will allow theaters to recoup losses when the industry is back up and running.” NATO also set aside $1 million from its reserves to aid movie theater employees. Read more >>slotxo
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