Ipic Movie Theater Chain Files For Bankruptcy

The iPic dine-in movie theatre concatenation has revenge for Chapter 11 bankruptcy protection and intends to prosecute a waste of its assets, citing nan difficult post-pandemic theatrical market.

The Boca Raton, Fla.-based institution has 13 locations crossed nan U.S., including successful Pasadena and Westwood, according to a Feb. 25 filing successful U.S. Bankruptcy Court successful nan Southern District of Florida, West Palm Beach division.

As portion of nan bankruptcy process, nan Pasadena and Westwood theaters will beryllium permanently closed, according to WARN Act notices revenge pinch nan authorities of California’s Employment Development Department.

The institution came to its conclusion aft “exploring a scope of imaginable alternatives,” iPic Chief Executive Patrick Quinn said successful a statement.

“We are committed to continuing our business operations pinch minimal effect passim nan process and will endeavor to service our customers pinch nan precocious modular of attraction they person travel to expect from us,” he said.

The institution will support its existent guidance to support day-to-day operations while it goes done nan bankruptcy process, iPic said successful nan statement. The past time of employment for workers successful its Pasadena and Westwood locations is April 28, according to a authorities WARN Act notice. The concatenation has 1,300 afloat and part-time employees, pinch 193 workers successful California.

The theatrical business, including nan accumulation industry, still has not recovered from nan pandemic’s effect connected user behavior. Last year, wide container agency gross successful nan U.S. and Canada totaled astir $8.8 billion, up conscionable 1.6% compared to 2024. Even much troubling is that manufacture gross successful 2025 was down 22.1% compared to pre-pandemic 2019’s totals.

IPic noted those trends successful its bankruptcy filing, describing nan changes successful user behaviour arsenic “lasting” and blaming nan emergence of streaming for “fundamentally” altering nan movie theatre business.

“These manufacture shifts person straight reduced container agency revenues and related ancillary revenues, including nutrient and beverage sales,” nan institution stated successful its bankruptcy filing.

IPic besides attributed its determination to rising rents and labour costs.

The institution estimated it owed astir $141,000 successful taxes and astir $2.7 cardinal successful full unsecured claims. The company’s assets were weighted astatine astir $155.3 million, nan mostly of which coming from theatre instrumentality and furniture. Its liabilities totaled $113.9 million.

The concatenation had antecedently filed for bankruptcy protection successful 2019.