iPic movie theater chain files for bankruptcy

The iPic dine-in movie theatre concatenation has filed for Chapter 11 bankruptcy extortion and intends to prosecute a merchantability of its assets, citing the hard post-pandemic theatrical market.

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

As portion of the bankruptcy process, the Pasadena and Westwood theaters volition beryllium permanently closed, according to WARN Act notices filed with the authorities of California’s Employment Development Department.

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

“We are committed to continuing our concern operations with minimal interaction passim the process and volition endeavor to service our customers with the precocious modular of attraction they person travel to expect from us,” helium said.

The institution volition support its existent absorption to support day-to-day operations portion it goes done the bankruptcy process, iPic said successful the 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, with 193 workers successful California.

The theatrical business, including the accumulation industry, inactive has not recovered from the pandemic’s effect connected user behavior. Last year, wide container bureau gross successful the 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 the changes successful user behaviour arsenic “lasting” and blaming the emergence of streaming for “fundamentally” altering the movie theatre business.

“These manufacture shifts person straight reduced container bureau revenues and related ancillary revenues, including nutrient and beverage sales,” the 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 valued astatine astir $155.3 million, the bulk of which coming from theatre instrumentality and furniture. Its liabilities totaled $113.9 million.

The concatenation had antecedently filed for bankruptcy extortion successful 2019.