iStock/Rawpixel(LOS ANGELES) — The theater chain AMC has furloughed 600 executives, including its CEO, according to The Hollywood Reporter. The move comes after 26,000 employees in total were furloughed or laid off altogether in the wake of the theater closures due to the COVID-19 coronavirus.
In a statement quoted by the Hollywood Reporter, AMC insists it, "is not terminating any of its corporate employees," but notes, "We were forced under the circumstances to implement a furlough plan…to preserve cash and to ensure that AMC can reopen our doors once this health crisis has dissipated."
The plan requires the executives to work fewer hours, and in some cases, for no pay, "for the hopefully short period of time when AMC’s theatres are all closed."
The movie industry has been devastated by the pandemic both in the U.S. and abroad, between theater closures, productions being closed down and major releases delayed.
Copyright © 2020, ABC Audio. All rights reserved.