iPic Theaters, a movie theater chain specializing in dine-in service, has filed for bankruptcy protection for the second time.
The company is seeking a Chapter 11 sale in Florida federal court to deal with a shortened release schedule and declining ticket sales. iPic says operations will continue as normal, but the circuit has warned employees that layoffs and theater closures are possible at some point.
“After considering various alternatives, we have concluded that a court-supervised sale of the assets is in the best interest of the company and its stakeholders,” iPic CEO Patrick Quinn said in a statement. “We are committed to continuing business operations with minimal impact throughout the process and remain committed to providing the high standard of care that our customers have come to expect from us.”
He added, “We believe this process is the best path forward for us to continue to be an industry leader in the premium dine-in theater and restaurant business. We are committed to making this a seamless process for all stakeholders.”
iPic previously filed for Chapter 11 in 2019, citing increased competition in the dine-in space and rising operating costs. Shortly after the company found new ownership through the Alabama Retirement System, the coronavirus hit the theater business and iPic’s box office revenue and balance sheet never recovered. Other dine-in movie theater operators, including Alamo Drafthouse and Studio Movie Grill, have also sought bankruptcy protection since the coronavirus outbreak.
iPic is based in Boca Raton, Florida and operates eight restaurants and 13 dine-in theaters in California, Florida, Georgia, New Jersey, New York and Texas. The chain has approximately $10 million to $50 million in assets and up to $10 million in debt, and owes vendors and employees more than $2.5 million, according to a late February court filing. iPic reported total revenue of $112.5 million and a net loss of $20 million in 2025.
Hollywood studios and theater owners are bullish that the sluggish exhibition industry will be back on track in 2026, when blockbusters like Marvel’s “Spider-Man: Brand New Day” and “Avengers: Doomsday,” Christopher Nolan’s “The Odyssey” and Pixar’s “Toy Story 5” will hit the theaters. But the box office as a whole has yet to recover from the coronavirus, double labor strikes and the growing popularity of streaming services. Ticket sales are about 20% behind pre-pandemic levels.
