AMC Entertainment Acquires 13-Screen Former ArcLight Cinema In Boston

deadline.com:

AMC has picked up another location, announcing today the acquisition of a the former ArcLight theater located at The Hub on Causeway, a large-scale mixed-use development at North Station in Boston.

The 13-screen cinema is new — it opened in December 2019 and closed three months later due to Covid-19. The purchase price wasn’t disclosed.

AMC has acquired a handful of theaters out of the pandemic and said today it sees further consolidation with opportunities “to enhance our footprint by acquiring superb theatres without significant capital outlays while at the same time exiting under-performing locations.” The giant theater chain also provided an update on its debt, cash position and others metrics in a financial update for investors, a move meant to reassure Wall Street amid reports of uncomfortable cash burn and possible trouble ahead.

The volatile meme stock that’s widely held by retail investors is down in mid-morning trade. CEO Adam Aron noted the chain’s “enhanced liquidity” after raising over $162 million of cash from the sale of APEs – or AMC Preferred Equity units.