Wall Street is betting AMC is in a downward spiral. Here's the inside story of how the world's biggest movie-theater chain is battling for a comeback.
In a 2019 investor call, when talking about the A-List rollout, Aron compared himself to a "proud papa, who's celebrating the arrival of a newborn and is looking forward to years and years of joy coming from the new child."
One employee who left AMC just last year said the theater chain would monitor ticket sales for films and then swap out showtimes if they weren't selling well with blockbuster hits that would fill out most of the theater. Signing up customers for Stubs, the company's loyalty program offered in free and paid tiers, has been a factor in promoting employees. Higher-ups encouraged AMC Stubs sales, creating a leadership board to track top performers among employees. And employees had to ask every guest if they were a Stubs member.If employees were caught not asking theater guests if they wanted to join Stubs, they were written up, or pulled aside for a chat with their manager.
"But we try very hard to motivate our employees to please our guests. We monitor all of that very carefully." Silver Lake picked out AMC, given its leadership position in the movie theater business, its scale, and changes that CEO Aron was already putting into place, this person said. Soon, Aron discussed the name publicly, heaping praise on Silver Lake and referencing his own private-equity roots.
"We listen to what they have to say, but we make our own decisions," he said, noting that Silver Lake doesn't yet own a single share in AMC. Wall Street analysts have lauded A-List but also point out its impact is minimal at this point and could be nullified by even a 5% to 10% drop at the box office.
The company was one of the most-shorted stocks on the Russell 3000 as of late January, with 58% of outstanding shares borrowed by investors positioned for a decline, according to analysis by S3 Partners.
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