iPic, a movie theater chain that offers in-theater dining, has filed for bankruptcy. The company plans to sell its assets, blaming ongoing challenges in the movie theater business since the pandemic.
Based on a February 25th court filing, the company, headquartered in Boca Raton, Florida, has 13 locations nationwide, including Pasadena and Westwood.
The Pasadena and Westwood theaters will close for good as part of the company’s bankruptcy proceedings, as reported in notices filed with California’s Employment Development Department.
After considering different options, the company reached its decision, according to iPic CEO Patrick Quinn.
We’re dedicated to keeping our business running smoothly with as little disruption as possible, and we’ll continue to provide our customers with the same excellent service they’re used to.
iPic announced that its current management team will remain in place to handle daily operations during bankruptcy proceedings. Employees at its Pasadena and Westwood locations will have their last day of work on April 28th, as stated in a notice filed under the state WARN Act. The company employs a total of 1,300 people, including 193 workers in California.
Movie theaters are still struggling to bounce back after the pandemic changed how people go to the movies. Last year, total ticket sales in the U.S. and Canada reached $8.8 billion, a small increase of 1.6% from the previous year. However, revenue is still significantly lower – down 22.1% compared to 2019, before the pandemic began.
As a total movie lover, I’ve been watching the industry change, and it’s honestly a bit sad. iPic basically admitted in their bankruptcy papers that things have shifted permanently. They said streaming services have completely shaken up how we watch movies, and it’s not a temporary thing – it’s fundamentally changed the whole theater business.
The company explained in its bankruptcy documents that changes in the movie industry have caused a drop in ticket sales and related income, such as concessions.
IPic also attributed its decision to rising rents and labor costs.
The company reported owing approximately $141,000 in taxes and a total of $2.7 million in unsecured claims. They estimated their assets to be worth around $155.3 million, primarily consisting of theater equipment and furniture. Total liabilities were around $113.9 million.
The chain had previously filed for bankruptcy protection in 2019.
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2026-03-05 02:31