The closures dramatically affected the Plano-based company’s revenue in the first quarter of the year.
Revenue was down 24% in the first three months of 2020 as compared to that of the same period the previous year, despite the locations being closed for roughly two weeks of that time, the company reported June 3.
“We are looking forward to welcoming our guests and team members back to our theaters and are pleased to have now shifted our attention to domestic reopening,” Cinemark CEO Mark Zoradi said in the statement.
The company took extensive steps to cut costs during the closures. It announced plans in April to furlough half the staff at its Plano headquarters, lay off more than 17,500 hourly employees in the U.S. and take similar steps at locations in other countries.
Zoradi said he expects customers to return, since certain aspects of the movie theater experience cannot be replicated at home.
“After months of home-sheltering, I am optimistic that these unparalleled factors offer moviegoers a much-needed relief; that bodes well for Cinemark, and our industry as a whole, as theaters re-launch,” Zoradi said.
