An empty AMC movie theatreImage copyright
Reuters

The world’s biggest movie chain has warned it could run out of money by the end of the year, citing a plunge in film-going and delayed movie releases amid the coronavirus pandemic.

Despite reopening the majority of its theatres, AMC Entertainment Holdings said attendance remained down 85% in the US and 74% elsewhere.

AMC says it is looking to raise money.

The warning follows rival Cineworld’s recent decision to temporarily close its cinemas in the US and UK.

AMC, which has previously said it is spending about $100m a month, told investors that it expected its cash to “be largely depleted by the end of 2020 or early 2021”.

The amount of money needed is “material”, the firm added.

“There is a significant risk that these potential sources of liquidity will not be realised or that they will be insufficient to generate the material amounts of additional liquidity that would be required until the company is able to achieve more normalised levels of operating revenues,” the firm warned in a filing with US financial regulators.

‘We could lose movie-going forever’

AMC, which is controlled by Chinese conglomerate Dalian Wanda Group, operated more than 1,000 cinemas globally prior to the pandemic.

While most are in the US, it also has more than 300 international locations via its Odeon and UCI Cinema subsidiaries.

In the US, restrictions due to the virus have kept theatre capacity limited to 20%-40%. And in some key markets, such as California and New York, the firm’s cinemas have not yet reopened.

The industry has also been rocked by decisions to postpone releases of big-budget films such as Wonder Woman 1984 and James Bond movie No Time To Die, which is now due for release in April 2021.

In a recent interview, Wonder Woman director

Unlike many retailers, Dollar General has proved largely immune to the coronavirus’ devastating impact on brick-and-mortar stores. Now the discount chain is shrugging off the pandemic to launch a new line of stores geared to less budget-mind shoppers.

The Tennessee company said Thursday that it will debut the new store concept, called Popshelf, with two locations opening near Nashville on October 29. It plans to have about 30 locations in various markets by the end of 2021.

Unlike Dollar General, which mostly sells necessities including food, snacks and cleaning supplies, Popshelf will sell beauty products, home decor, party supplies and other discretionary items. Still, the emphasis will remain on affordability — most products will sell for $5 or less.

The new chain’s target audience will initially skew female, with the outlets located in suburban markets with household incomes ranging from $50,000 to $125,000. The modest-sized stores, which will run roughly 9,000 square feet, will have roughly 15 employees.

106735946-1602164565990popshelf-interiors-017-jpg.jpg
Inside view of Popshelf store.

Dollar General


As with rival Dollar Store, publicly Dollar General mainly caters to shoppers on a tight budget, with many of its 16,720 stores in 46 states located in rural areas whose populations are too small attract larger retailers like Walmart and Target. 

That formula has proved remarkably successful, with Dollar General defying the surge in ecommerce that has crippled dozens of major retailers. Over the last decade Dollar General’s revenues have nearly tripled to $31.3 billion, up 17% from the previous year. It’s also uncommonly profitable in the cut-throat retail industry, generating $2.3 billion in its last fiscal year. 

That growth has only continued during the health crisis, with the company reporting same-store sales climbed nearly 19% in its most recent quarter.

Dollar General’s no-frills approach, which emphasizes keeping labor costs low, has proved a hit

  • Amazon purchased Whole Foods Market for an estimated $13.7 billion in 2017.
  • Founder and CEO John Mackey wrote about the merger in his new book “Conscious Leadership.” 
  • Mackey said that Whole Foods was looking for a buyer after hedge fund JANA Partners acquired 8.8% of the grocery chain’s stock.
  • In the grocery chain CEO’s mind, Amazon and Whole Foods experienced the business world’s version of “love at first sight.”
  • “We moved from dating to engagement to marriage in just a few short months,” Mackey wrote.
  • Visit Business Insider’s homepage for more stories.

 

Locked in a battle for the soul of his grocery chain, Whole Foods Market founder and CEO John Mackey awoke one morning in 2017 with a single question on his mind: “What about Amazon?”

In his new book “Conscious Leadership,” Mackey described the “whirlwind courtship” that precipitated his company’s estimated $13.7 billion sale to Amazon. With many Whole Foods Market employees and customers complaining about the changes brought about by the chain’s e-commerce parent company, the grocery CEO’s account provides more insight into the decision-making that went into the 2017 acquisition that shook the retail world.

Mackey wrote about when he first heard of New York-based JANA Partners’ decision to buy 8.8% of the grocery chain’s stock on March 29, 2017. The hedge fund, however, wanted “launch a campaign against Whole Foods.”

According to Mackey, when he discovered that JANA Partners intended to convince Whole Foods to push out its board of directors and sell the business to the highest bidder as a means of “maximizing short term profits,” he felt as if “all the sunlight and bright possibility had been sucked out of my world.” Mackey had long been disturbed by the fact that his company’s “remarkable track record of growth wasn’t enough for Wall Street.”

Mackey

LONDON (AP) — Retail giant Walmart has agreed to sell its British chain of supermarkets, Asda, to the investors behind an international group of gas stations and food shops in a deal that values the company at 6.8 billion pounds ($8.8 billion).

Brothers Mohsin and Zuber Issa, along with investors TDR Capital will acquire a majority of Asda, while Walmart will retain a minority stake and a seat of the

The MarketWatch News Department was not involved in the creation of this content.

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