While the coronavirus pandemic has caused innumerable businesses to close down, the last remaining Blockbuster Video store is still open. According to a report from Inside Edition, the store's general manager Sandi Harding confirmed the store's status. "We've faced many challenges over the years and we've managed to muddle through and we will this one too," Harding said.
Notably, the Bend, Oregon store is following protocols to keep their employees and customers safe, in an attempt to limit the spread of the virus. "Everyone is wearing gloves. We have masks now for the employees that we had to wait for that we just got in this week. We have one way in, one way out. Max of 10 people in the store," Harding explained of the store's current policy. Additionally, the store is navigating customers only one-way through the aisles, as they can walk up one and then down the next. They clean every movie that gets rented when it is returned, and they also offer curbside service as well.
While the movie rental business seems to be handling the pandemic alright, it completely shut down the movie theater industry. However, Cinemark recently revealed its re-opening date for all cinemas that closed due to the virus. According to Deadline, Sean Gamble — Cinemark CFO and COO — spoke with financial analysts and investors, stating that the company is aiming "ramp up" its business by July 1. Cinemark CEO and Board Director Mark Zoradi also spoke in the meeting, saying, "Security is more important than growth. What got us to this strength of position is that we were relatively conservative and didn't chase multiples beyond what we were unable to do."
Zoradi added: "As debt starts to settle and when the COVID crisis starts to decline, and we get confirmation of when theaters can re-open, we will certainly consider the. With all the uncertainty we are very pleased to operate and open…and there's going to be time and opportunity to consider that at a later date. At this time, we're not considering M&A opportunities." Finally, Zoradi addressed regarding tickets, saying, "We'll charge less when we start to get people back with high profile library product. We'll be able to make deals with studio partners prior to the big tentpoles coming. I don't anticipate we'll charge more for tentpole pictures." At this time, other theater chains do not appear to have issued word on when they aim to reopen.0comments