AMC Theatres Furloughs All 600 Corporate Staff, Including CEO

AMC Theatres Furloughs All 600 Corporate Staff, Including CEO

25 Mar 2020 (PT)
AMC THEATRESTHEATRESAMCCEO

The country's largest cinema circuit announced the drastic move on Wednesday, a week after closing all of its locations amid the coronavirus pandemic.

By late last week, more than 26,000 employees working for AMC Theatres were furloughed or let go as the circuit shuttered amid the coronavirus pandemic.

On Wednesday, the country and world's largest cinema chain went even furloughed all of its 600 corporate employees — including CEO Adam Aron. The drastic furlough plan, a result of no income but fixed costs, means a person could work anywhere from zero days to two days to four.

"At this time, AMC is not terminating any of its corporate employees, however, we were forced under the circumstances to implement a furlough plan, which is absolutely necessary to preserve cash and to ensure that AMC can reopen our doors once this heh crisis has dissipated," the company said in a statement.

"The furlough plan calls for reduced working hours at reduced pay, or no working hours at no pay, for the hopefully short period of time when AMC's theatres are all closed. This action impacts every corporate AMC employee, including all those at the highest executive levels and including AMC's chief executive officer."

AMC did not address a $2 trillion emergency relief plan that Congress and the White House agreed to in principal late Tuesday night. The legislation is designed to increase unemployment benefits and helped distressed businesses, including movie theaters, by offering generous loans.

All furloughed corporate AMC employees and associates will retain their active employment status, including all heh benefits.

"As we all know, these are unprecedented times. AMC is doing everything possible to ensure that we can welcome back both our associates and our guests as our theaters reopen," the statement continued.

Based in Kansas City, AMC is owned by China's Wanda Group.

Source: Hollywood Reporter

AMC THEATRESTHEATRESAMCCEO
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AMC Theatres Furloughs All 600 Corporate Staff, Including CEO
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