AMC Entertainment Holdings, the largest operator of the US cinema chain, announced on Monday that it would acquire two multi-theater theaters in Southern California that were closed because of COVID-19 's epidemic.
The two cinemas are part of Pacific Theatres, which filed for bankruptcy in June, including one in Los Angeles's Grove shopping district and the other in Glendale.
AMC said on Monday that it would control a long-term lease and rename the two cinemas.
The acquisition is a victory for AMC. Adam Aron, the company's chief executive, said the COVID-19 pandemic gave AMC the opportunity to buy some cinemas cheaply, which would enable AMC to grow and generate more much-needed cash.