Due to a severe decline in the value of the company's shares, AMC Entertainment Holdings CEO Adam Aron on Tuesday requested that his pay for the upcoming year be frozen from the board of the theatre chain operator.
Shares of the firm have fallen more than 75% this year as fewer blockbuster movies and the increase of streaming have reduced foot traffic at its more than 900 cinemas, increasing losses and cash burn.
By raising money and making use of the retail interest it attracted during last year's viral stock surge, AMC has attempted to withstand the strain. The business suggested a reverse stock split earlier this month and announced it will sell its preferred stock to obtain $110 million in fresh equity capital. Following preliminary discussions with some lenders, the movie theatre chain also announced last week that it was no longer in talks to purchase some theatres owned by the now bankrupt Cineworld Group.
