Cinemark is Hoping to Re-Open in July
According to Deadline, Cinemark is looking to re-open in July.
Cinemark CFO and COO Sean Gamble today investors and financial analysts in a conference call today that the chain is looking to "ramp up" by July 1.
He is hoping for employees to return approximately two weeks prior, in late June, which will also be a period of time used to begin marketing to consumers again.
Gamble expects that opens could change from state to state, or county to county, and that they will be "scaled by demand" with the possibility of reduced hours. He says that the chain can make a profit even with attendance at 20%-30%.
"We won't be everything back day 1, but dip our toe approach," said Gamble.
Cinemark CEO and Board Director Mark Zoradi was asked if the company will consider buying assets with its cash, including a $250 million debt sale, but he said there are no plans for that for the time being.
"Security is more important than growth," he said. "What got us to this strength of position is that we were relatively conservative and didn't chase multiples beyond what we were unable to do."
"As debt starts to settle and when the COVID crisis starts to decline, and we get confirmation of when theaters can re-open, we will certainly consider them," said Zoradi. "There's going to be time and opportunity to consider that at a later date."
Read more on Deadline.
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