Movie Theater Chain iPic Files for Bankruptcy

Mar 3, 2026 12:55pm PT Movie Theater Chain iPic Files for Bankruptcy By Rebecca Rubin Plus Icon Rebecca Rubin Senior Film and Media Reporter rebeccaarubin Latest ‘If I Go Will They Miss Me’ Sells in High Six-Figure Deal Following Sundance Film Festival Debut (EXCLUSIVE) 3 hours ago ‘Game of Thrones’ Movie in the Works at Warner Bros. From ‘Andor’ Writer 4 hours ago ‘Scream 7’ Actor Anna Camp Apologizes for Sharing Post That Hit Back at Boycotts Over Melissa Barrera Firing: ‘I Meant No Harm’ 1 day ago See All Courtesy of iPic iPic Theaters, a cinema chain that specializes in dine-in service, has filed for bankruptcy protection for a second time. The company is pursuing a sale through Chapter 11 in Florida federal court as it grapples with lighter attendance and declining ticket sales. iPic says operations will continue as normal, though the circuit warned employees of potential layoffs or theater closures amid the process. Related Stories Fremantle Seals Production, Distribution on Wacky Comedy Competition ‘Special Delivery’ (EXCLUSIVE) Fremantle Scales Music Game Show ‘Hitster’ With Series Orders From Germany, Netherlands and Canada (EXCLUSIVE)  “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,” said iPic’s CEO Patrick Quinn. “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.” Popular on Variety He added, “We believe this process is the best path forward for the company to continue to be an industry leader in the luxury dine-in theater and restaurant business. We are committed to making this a seamless process for all of our stakeholders.” iPic previously filed for Chapter 11 in 2019, citing increased competition in the dine-in space as well as rising operating costs. Shortly after the company found new ownership, COVID walloped the movie theater business — and iPic’s box office revenues and balance sheets never recovered. Other dine-in cinema operators, including Alamo Drafthouse and Studio Movie Grill, have sought bankruptcy protection since COVID. iPic is based in Boca Raton, Fla., and operates eight restaurants and 13 dine-in theaters across California, Florida, Georgia, New Jersey, New York and Texas. According to late February court filings, the chain has roughly $10 million to $50 million in assets, up to $10 million in liabilities, and owes more than $2.5 million to vendors and workers. iPic reported a net loss of $20 million in 2025 with $112.5 million in gross revenues. Hollywood studios and theater owners are bullish that 2026 — which boasts blockbusters like Marvel’s “Spider-Man: Brand New Day” and “Avengers: Doomsday,” Christopher Nolan’s “The Odyssey” and Pixar’s “Toy Story 5” — will mark a return to form for the struggling exhibition industry. However, the box office as a whole has yet to recover from COVID, dual labor strikes and the increasing popularity of streaming services. Ticket sales are running roughly 20% behind pre-pandemic levels. Jump to Comments Leonardo DiCaprio Wonders if ‘People Still Have the Appetite’ for Movie Theaters: Will They Become ‘Like Jazz Bars?’ Leonardo DiCaprio, Benicio del Toro and More to Be Honored at the 2026 Santa Barbara International Film Festival  Matt Damon Says Netflix Wants Movies to Restate the ‘Plot Three or Four Times in the Dialogue’ Because Viewers are on ‘Their Phones While They’re Watching’ Palm Springs Awards: Kylie Jenner Cheers on Timothée Chalamet and Leonardo DiCaprio Champions Movies: ‘Not Content, but Cinema’ Matt Damon Says Getting ‘Canceled’ Will ‘Follow You to the Grave’: ‘I Bet Some of Those People Would’ve Preferred to Go to Jail for 18 Months’ Instead Matt Damon Says Clint Eastwood Shut Down His Request to Film More Takes: ‘Why? You Wanna Waste Everybody’s Time?’ JavaScript is required to load the comments. Loading comments...