AMC Theaters may not stay in business after pandemic
AMC Theaters, which has its corporate headquarters at Park Place in Leawood, said in a filing on Wednesday that “substantial doubt exists about our ability to continue as a going concern for a reasonable period of time” because of the disruption caused by the coronavirus pandemic.
AMC Theaters is the largest theater operator in the world. Moviegoing has ceased across the country, and all AMC theaters are closed worldwide, which means the company is “generating effectively no revenue,” the company said. It estimated that its net loss for the first quarter would be between $2.1 billion and $2.4 billion, compared to a $130.2 million loss in the same period last year.
In April, AMC took on $500 million in new debt, pushing its total to $5.3 billion, which it said would allow it to withstand closures around the world into November. In its filing, it said it believed it had enough cash on hand to resume operations “this summer or later.” It cautioned that factors like not producing needed revenues even when it does open and another suspension of operations could force it to seek additional financing. [AMC warns it may not stay in business: Live updates — The New York Times]
USD 232 school board talks pandemic’s impact on district goals
In a presentation to the USD 232 school board on the district’s goals for the coming school years, Superintendent Frank Harwood said the district goals will “need to take into account” the extended school facility closure this spring as well as possible impacts to school funding brought on by the COVID-19 pandemic.
Meanwhile, there may be some slight delays in construction of the new theater at Mill Valley High due to the interruption of equipment delivery, another impact of the pandemic. Harwood told the school board that administrators are monitoring the COVID-19 situation and, due to the uncertainty of state revenues, staff ultimately recommends delaying discussions about budget plans for the 2022-23 school year.
Other goals laid out in the district’s plan include implementation of a multi-tiered system of supports, which will support emotional and social learning, individual plans of study and the one device per learner initiative; the district is working to meet these goals by the 2022-23 school year.
Danielle Heikes, board president, thanked Harwood and staff for developing and implementing goals for the school district.
“I have really seen the progress associated with these goals,” Heikes said. “This is a huge step in the right direction for USD 232.”
Roeland Park approves month delay on Sunflower Medical Group office building
The Roeland Park City Council on Monday approved to push back the vertical construction start day on the Sunflower Medical Group development from May 25 to June 25.
Sunflower Medical Group’s request to extend the vertical construction start date stemmed from sanitary sewer design changes. The city staff recommended the approval since the actual sewer line elevations differ from the developer’s original plans.
The vertical construction will result in a 30,000 square-foot medical office building to the northeast corner of Roe Boulevard and Johnson Drive. The extension of the start date also extends the completion date to June 25, 2021, because the developer has one year from the start date to finish the project.
The city council approved the extension unanimously, and Councilmember Trisha Brauer was absent.