AMC Entertainment continues to struggle amid the ongoing coronavirus (COVID-19) pandemic.

According to The Verge, the company that operates AMC Theatres saw its third-quarter revenue drop by 91%. During that period, AMC brought in $119.5 million in revenue, compared to more than $1 billion during the same quarter last year. While the theater chain is reportedly operating around 80% of its US-based locations as of October, it continues to struggle financially as people choose to stay at home and studios delay theatrical film releases.

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The company cited theater closures in large cities like Los Angeles and New York City as one major hurdle to overcome its financial troubles. In addition to closures in major markets, a decrease in movie theater attendance is also being attributed to films originally scheduled to arrive this year being pushed back to 2021, like MGM's No Time to Die. Other movies scheduled for a 2020 theatrical release have arrived on streaming platforms instead, like Pixar's Soul.

AMC said it is has a few different ways it can make money. Documents show some revenue options being explored include selling off some of its assets and trying to negotiate lease payment options with theater landlords. Another option at AMC's disposal is striking deals with studios like the one it struck with Universal Pictures.

The theater company's third-quarter loss follows a near half-billion-dollar loss during this year's second quarter. Even if the company can raise money, the lack of fourth-quarter major blockbuster releases, coupled with another rise in coronavirus cases across the country may prove to be too much for AMC to overcome. Documents show the company is aware it cannot accurately predict what its future looks like due to the duration and exact magnitude of the COVID-19 pandemic not being known.

AMC has previously warned it may run out of money by the end of this year or early next year."Given the reduced movie slate for the fourth quarter, in the absence of significant increases in attendance from current levels or incremental sources of liquidity, at the existing cash burn rate, the Company anticipates that existing cash resources would be largely depleted by the end of 2020 or early 2021," the company said in an earlier filing. "Thereafter, to meet its obligations as they become due, the Company will require additional sources of liquidity or increases in attendance levels. The required amounts of additional liquidity are expected to be material."

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Source: The Verge