Luxury movie theater chain files for bankruptcy and blames dwindling attendance

iPic has been unable to recover from the COVID-19 pandemic, which devastated the entire movie theater industry USUS MoneyLuxury movie theater chain files for bankruptcy and blames dwindling attendanceiPic has been unable to recover from the COVID-19 pandemic, which devastated the entire movie theater industryErin Keller In Ohio Wednesday 04 March 2026 19:48 GMTBookmarkCommentsGo to commentsBookmark popoverRemoved from bookmarksClose popoverRelated: Movies With Dramatically Changed EndingsYour support helps us to tell the storyRead moreSupport NowFrom reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.Your support makes all the difference.Read moreiPic Theaters, the luxury movie chain known for serving gourmet meals like filet mignon sliders right to theater goers’ seats, has filed for Chapter 11 bankruptcy. The Boca Raton-based company made the move on February 25 in Florida federal court, aiming to reorganize its business and sell off its assets under court supervision, according to The Hollywood Reporter.At the time of the filing, iPic ran 13 dine-in theaters with about 100 screens across eight states, including Maryland, New York, New Jersey, Georgia, Texas, Florida, Washington and California. The company also operates eight standalone or attached restaurants.The chain has told employees to expect major layoffs, including more than 160 workers at its Atlanta location, which is set to close. Other theaters could also shut down if a buyer isn’t found during the bankruptcy process.Founded in 2010, iPic built its reputation on a luxury moviegoing experience. Customers could enjoy reserved recliner seats, cozy blankets and pillows, and an upscale menu featuring items like charcuterie plates, coconut shrimp, ahi tuna and seared tuna salad.An iPic Theaters location in Atlanta is set for closure after the company filed for Chapter 11 bankruptcy protection in Florida (Getty Images)A spokesperson for iPic told The Independent in a statement, “IPIC has made the strategic decision to pursue a court-supervised sale process through Chapter 11 to maximize value to all creditors. Importantly, our theaters and restaurants remain open and operational, and we expect minimal disruption to the guest experience throughout this process. This step allows us to restructure in an orderly manner while continuing to serve our guests with the elevated hospitality and premium dine-in experience that define the IPIC brand.”“We are working closely with our advisors to move through an expedited process and believe this path provides the strongest opportunity for the Company’s future,” the statement concluded. In the bankruptcy filing, the company reportedly cited declining ticket sales as audiences increasingly turn to streaming services and at-home entertainment. iPic also struggled with the way ticket revenue is split with major studios, limiting profits on each movie. Combined with the high costs of running luxury theaters with full dining service, these pressures forced the company to seek court-supervised restructuring.This isn’t the first time iPic has filed for bankruptcy. The company first entered Chapter 11 in 2019, dealing with rising construction costs and stiff competition in the theater market. Shortly after emerging from that bankruptcy, when it was bought by Alabama employee retirement funds, COVID‑19 lockdowns forced several theaters to close, keeping the chain from fully recovering.iPic has assets estimated between $10 million and $50 million, with liabilities up to $10 million,THR reports. Last year, the company reported a net loss of nearly $20 million on $112.5 million in revenue. It also owes more than $2.5 million to vendors and employees.iPic CEO Patrick Quinn said in a statement in a February 26 news release, “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. 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.”iPic’s filing comes at a challenging time for the movie theater industry overall. Major chains like AMC have also reported disappointing earnings and declining atten