AMC Entertainment (NYSE:AMC) has acquired a new and popular movie theatre based in Wyomissing, Pennsylvania.
Berks Weekly reports that AMC has acquired the popular Fox Berkshire movie theatre in Wyomissing and will reopen the theatre today Friday, July 14.
“AMC has made it a priority to strengthen our circuit by identifying and acquiring popular, well- performing theatres around the country.
That strategic approach led us to the Fox Berkshire theatre.
We’re excited to add AMC DINE-IN Berkshire 8 to our complement of AMC DINE-IN locations, and we look forward to guests enjoying the AMC experience” said Dan Ellis, Executive Vice President, Chief Operations and Development Officer, AMC.
Don Fox, owner of Fox Theatres said, “we are thrilled to sell our remaining hometown theater, Fox Berkshire, to AMC, an industry leader in providing outstanding movie experiences.
We’ve had 65 years of bringing movies to Berks County and are very grateful for the loyalty of our customers and the dedication of our employees.”
This is the latest AMC Entertainment acquisition.
In April of 2022, AMC acquired 7 former Bow Tie Cinemas locations, five of which are in Connecticut, one in upstate New York, and another one in Annapolis, Maryland.
The new movie theatres in Connecticut doubled AMC’s presence in the state.
Read: AMC’s Hycroft Opens New Investigation Against Illegal Trading
Latest AMC Entertainment News
Today, there are many things happening with AMC Entertainment.
After gaining much attention from the ‘meme stock’ frenzy of 2021, the movie theatre chain has since launched its branded popcorn business and showed several signs towards recovery as box office numbers post-pandemic have continued to grow.
The company is facing lawsuits which is holding AMC back from diluting its stock to raise more capital.
As an investment, shares of the company have performed quite well this year.
AMC stock is currently up more than +10% this year-to-date, but was up more than +40% majority of the year.
Still, shares are down nearly -72% in the past year with many investors still holding on to shares in hopes of realizing a massive short squeeze.
And while AMC’s short interest data points towards a strong probability of a short squeeze, it’s big buying pressure that will ultimately trigger such event, something we’re not seeing right now and might see less of when the stock splits.
Overall, the company is on the right path to recovery, which will eventually lead AMC Entertainment into profitability.
However, the company still requires massive support from its investors, who many have turned into loyal customers.
The acquisition of new movie theatres is an indication the company is playing offense fundamentally.
But I’m curious to hear your thoughts on the movie theatre company – leave your thoughts in the comment section down below.
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