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Luxury theater and restaurant chain iPic Theaters has filed for bankruptcy protection, citing declining ticket sales amid major changes in consumer viewing and unsustainable box office splits with studios.
The company said it is seeking a sale through Chapter 11 reorganization in Florida federal court. It has notified employees that it expects mass layoffs, including more than 160 workers at the Atlanta location scheduled to close. Other theaters may close if a buyer is not found.
“After exploring a range of potential alternatives, the company has concluded that a court-supervised asset sale is in the best interests of the company and its stakeholders,” CEO Patrick Quinn said in a statement. “We are committed to continuing our business operations with minimal impact throughout the process and will strive to serve our customers with the high level of care they have come to expect from us.”
The filing comes during a volatile time for theaters. Last month, AMC Entertainment reported disappointing earnings fueled by a 10 percent attendance decline near the end of 2025. The debt-laden company’s shares have been hovering around all-time lows as it plans to shutter underperforming locations.
iPic Theaters operates 13 locations in eight states and employs approximately 1,300 employees. It bills itself as offering a luxury theatrical experience, with food delivered directly to viewers at their seats. It is located in the Westwood location on Wilshire Boulevard across from the Hammer Museum near UCLA. The menu includes a charcuterie and cheese plate, seared tuna salad and filet mignon.
The company has approximately $10 million to $50 million in assets with liabilities of up to $10 million, according to court documents filed on February 25, when it filed for bankruptcy protection. It posted a net loss of nearly $20 million last year on gross income of $112.5 million and owes more than $2.5 million to vendors and workers.
iPic previously filed for Chapter 11 reorganization in 2019, citing increased competition and higher construction costs. Less than six months after being bought out of bankruptcy by Alabama employee retirement funds, coronavirus shutdowns have shuttered many theaters. It never fully bounced back.
“While movie theaters later reopened, audience levels and box office revenues never recovered to pre-COVID levels,” Joseph Losinski, the company’s financial advisor, wrote in a lawsuit. “There are a variety of factors that have led to these low levels. The number of theatrical releases by film studios has declined significantly since before the COVID pandemic. Additionally, there is significantly increased competition for movie theaters from streaming services that enable consumers to watch a variety of entertainment options at home.”
In its earnings report last month, AMC reported a net loss of $127.4 million. It’s worth noting that attendance in U.S. markets was down 7.5 percent while international attendance was down nearly 15 percent in a disappointing box office for Hollywood in 2025. Adam Aron, CEO of AMC Theaters, said he expects a better year, with major studio releases like Avengers: Doomsday, Toy Story 5 and Dune: Part Three.
