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.
“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.”
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.
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