AMC plans Aug. 20 event celebrating 100 years in business with 1920 admission price of 15 cents a ticket

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AMC Entertainment Holdings Inc. shares soared 7% in premarket trade Thursday, after the biggest cinema chain operator in the U.S. said it plans to reopen its doors on Aug. 20 to celebrate 100 years in business with plans to charge the 1920 price of 15 cents a ticket. The company was founded in 1920 with a theatre at 12th Street and Grand Boulevard in Kansas City, Missouri, according to a statement. “One hundred years later, as AMC reopens its doors to U.S. moviegoers for the first time in more than five months, AMC is celebrating its history with a throwback to the year it all started by offering “Movies in 2020 at 1920 Prices,” said the statement. Because of the pandemic, capacity will be significantly reduced to achieve social distancing. The company is expecting to open about two thirds of its more than 600 cinemas in the U.S. in time for the Sept. 3 release of Warner Bros. “Tenet,” following the Aug. 28 release of “The New Mutants.” The remaining cinemas will reopen as soon as state and local officials allow. The Aug. 20 event will be followed by other promotions that will include bringing back films including “Black Panther,” “Back to the Future,” “Ghostbusters”, “Grease” and “Star Wars: Episode V – The Empire Strikes Back” at an admission price of $5. AMC shares have fallen 36% in the year to date, while the S&P 500 has gained 4.6%.
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