With screens dark in its theaters, AMC Entertainment Holdings Inc. (NYSE: AMC) announced Wednesday that it will furlough employees at its Leawood headquarters, too. A spokesman estimated the move will affect some 600 employees.
AMC said in a statement that the closing of its 1,000 AMC and Odeon theaters worldwide “leaves AMC with no revenue, and substantial fixed costs that continue.” The company said it is not terminating any corporate employees, but were forced to furlough workers in order to preserve cash and get the company through the COVID-19 crisis.
Under the furlough plan, employees will have reduced work hours at reduced pay, or be laid off, until AMC Theatres reopen. It affects all corporate employees, according to the statement, and includes all corporate executives, including CEO Adam Aron.