The COVID-19 outbreak has continued to take its toll on the video game industry and beyond. Corporations like GameStop have struggled to stay open, and now AMC Theaters is fighting for its life. Recent reports indicate that the movie theater chain is on the verge of complete bankruptcy.

When AMC Theaters closed in March, some speculated that AMC would be able to reopen in June, but news outlets reported that the theaters might need to stay closed if the pandemic continued. However, the theaters' closures have already left the company unable to pay its dues. This led to S&P lowering the chain's credit ratings. Now, The New York Post reports that AMC has reached out to bankruptcy lawyers.

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According to the article, the company approached Weil, Gotshal and Manges. An industry insider reports that the firm is mostly hired for serious inquiries into bankruptcy. The Post article believes that AMC Theaters might be filing for Chapter 11 bankruptcy, but warned that it was in "early stages."

amc theater seats

While AMC Theaters has not confirmed the article's details, bankruptcy could definitely be possible. AMC has been trying to restructure itself and pay off a $4.9 billion debt. With no end to the pandemic in sight, only time will determine whether AMC will stay afloat.

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Source: New York Post