AMC Entertainment, the world’s largest movie theater chain, is adding two more Los Angeles locations to its roster.
On Monday, the company said it was taking over the leases for the 14-screen movie theater at The Grove shopping center in the Fairfax neighborhood and the 18-screen location at Americana at Brand in Glendale. Both locations were previously operated by Pacific Theaters and owned by real estate company Caruso.
In April, Decurion, owner of the Pacific Theater and ArcLight Cinema chains, said it would not reopen its 17 locations. AMC, which has raised more than $1.6 billion in cash from share sales, had previously announced it was reviewing several old Decurion leases, looking for locations with strong ticket sales ahead of the coronavirus pandemic.
In 2018, The Grove Theater was the second highest grossing movie theater and the Americana was the fifth highest grossing movie theater in the Los Angeles area. AMC is expected to reopen these theaters in August.
“These two theaters are each located in world-class lifestyle centers that offer the best in shopping, dining and entertainment,” AMC CEO Adam Aron said in a statement Monday. “Each is conceived and run by Caruso, one of the largest and most admired private real estate companies in the United States.”
Expanding AMC’s footprint has always been central to Aron’s strategy. Aron took over Carmike, Odeon and Nordic shortly after taking on the CEO role in 2015.
Shares of the company fell slightly after Monday’s closing bell, but have fallen more than 40% in the past month. The price of the company’s stock has halved since its peak of $72.62, which was reached in early June this year. The wild swings came as the name was dragged into the Reddit investment craze along with other “meme” stocks like GameStop and Bed Bath & Beyond.