Citing subpar box office performance and competition from streaming services, luxury dine-in cinema and restaurant chain iPic Theaters has filed for Chapter 11 bankruptcy in its home state of Florida. The company has issued layoff notices for all its locations and may close them if a buyer is not found by April 28.
“After exploring a range of possible alternatives, the company concluded that a court-supervised sale of assets is in the best interest of the company and its stakeholders,” CEO Patrick Quinn said in a statement. “We are committed to continuing our business operations with minimal impact throughout the process and will endeavor to serve our customers with the high standard of care they have come to expect from us.”
The filing occurs as multiple theater chains nationwide have been closing unprofitable locations, and marks the second bankruptcy for iPic, which also went through restructuring in 2019. It operates 13 theatres and eight standalone restaurants in California, Florida, Georgia, Maryland, New Jersey, New York, Texas and Washington state.
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