The iPic Theaters cinema chain, which offers dine-in service to its moviegoing audiences, has filed for Chapter 11 bankruptcy and is planning the sale of its assets.
According to combined media reports, the Boca Raton, Florida-headquartered company previously filed for bankruptcy in 2019. It currently operates eight restaurants and 13 dine-in theaters across California, Florida, Georgia, New Jersey, New York and Texas, and it employs 1,300 full and part-time employees.
CEO Patrick Quinn said iPic pursued the bankruptcy filing after “exploring a range of possible alternatives,” adding the company will “will endeavor to serve our customers with the high standard of care they have come to expect from us” for the near future.
iPic blamed the continued post-pandemic difficulties facing the film exhibition industry for its problems, along with rising rents and labor costs. The company has roughly $10 million to $50 million in assets with liabilities up to $10 million, according to court documents filed on Feb. 25. For 2025, it reported a net loss of roughly $20 million on $112.5 million in gross income, while it owes more than $2.5 million to vendors and workers.
Photo courtesy of iPic Theaters
