Luxury dine-in movie theater chain iPic Theaters has filed for Chapter 11 bankruptcy for the second time, seeking to sell assets while continuing operations. The filing comes amid ongoing challenges in the exhibition industry, with box office revenues still about 20% below pre-pandemic levels. CEO Patrick Quinn stated the process aims to restructure and resume operations with minimal disruption.
iPic Theaters, founded in 2010 and based in Boca Raton, Florida, specializes in luxury dine-in theaters and operates four brands: iPic, City Perch, The Tuck Room, and Serena Pastificio. The chain runs eight restaurant locations and 100 screens across 13 theater sites in California, Florida, Georgia, Maryland, New Jersey, New York, Texas, and Washington. Notable venues include a complex on Wilshire Boulevard in Westwood, Los Angeles, and a site in Manhattan's South Street Seaport, New York City. Unlike major chains such as AMC, Regal, and Cinemark, iPic has booked films from Netflix and other streamers.
The company filed for Chapter 11 reorganization in Florida federal court, pursuing an expedited sale of assets to maximize value for creditors. Operations will continue normally during the process, though employees received WARN notices and warnings of potential layoffs or theater closures. This marks iPic's second bankruptcy; the first in 2019 cited increased competition and rising costs in the dine-in sector. After emerging under new ownership from the Retirement Systems of Alabama, the chain struggled to recover from the COVID-19 pandemic's impact on the industry.
According to late February court filings, iPic holds $10 million to $50 million in assets and up to $10 million in liabilities, owing more than $2.5 million to vendors and workers. In 2025, it reported a net loss of $20 million on gross revenues of $112.5 million. The broader exhibition sector faces stress from declining ticket sales, lighter release schedules, dual labor strikes, and streaming competition. Other chains, including Regal, Pacific, Alamo Drafthouse, and Studio Movie Grill, have filed for bankruptcy in recent years.
CEO Patrick Quinn said, "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." He added, "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." Quinn noted the process as "the best path forward for the company to continue to be an industry leader in the luxury dine-in theater and restaurant business."
Industry observers are optimistic about 2026, with anticipated blockbusters such as Marvel's "Spider-Man: Brand New Day," "Avengers: Doomsday," Christopher Nolan's "The Odyssey," and Pixar's "Toy Story 5." However, overall ticket sales remain roughly 20% behind pre-pandemic figures.