Luxury movie house chain iPic Theaters is heading to bankruptcy court — but says the show isn’t over just yet.
The high-end dine-in cinema operator quietly filed for Chapter 11 protection late last Thursday, plotting a court-supervised sale of its assets while promising to keep the popcorn popping during what it calls an “expedited” fire-sale process.
Behind the scenes, all employees were slapped with WARN notices as the company braces for potential layoffs.
The late-night filing slipped under the radar while Hollywood was distracted by the chaos surrounding the Warner Bros. Discovery-Paramount merger drama.
Founded in 2010, iPic built its brand on plush recliners, craft cocktails and full-service dining.
The company boasts eight restaurant locations and 100 screens across 13 theaters in states including California, Florida, Georgia, Maryland, New Jersey, New York, Texas and Washington.
The chain carved out prime real estate in Los Angeles and Manhattan, including a Westwood complex on Wilshire Boulevard and a location at South Street Seaport.
Unlike big-box rivals such as AMC Theatres, Regal Cinemas and Cinemark Theatres, iPic was willing to screen films from streamers — a strategy that once gave it an edge as Hollywood’s distribution wars heated up.
This marks iPic’s second trip through bankruptcy court after a 2019 filing. Its stock now trades over the counter.
CEO Patrick Quinn said the company determined that a court-supervised asset sale is “in the best interest” of stakeholders after weighing its options.
He insisted operations will continue with “minimal impact” as execs push what they hope will be a smooth restructuring — and a shot at returning to the luxury-theater game once the credits roll on this latest financial drama.
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