BOCA RATON, FL (BocaNewsNow.com) — Crocker Downtown Development Associates — the landlord for iPic Theaters at Mizner Park — is suing the theater company for a significant sum. COVID-19 restrictions, and a general unwillingness to sit in a theater even after restrictions were lifted, apparently led to financial issues for the one-time popular theater.
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iPic, according to the lawsuit, owes $635,510.
Under the terms of the lease, which you can read in its entirety below, iPic’s monthly rent jumped from $48,333.33 a month in 2016 to what is now $77,841.32 a month. The $635,510 in back rent suggests iPic hasn’t paid rent in eight months — or March. That’s when COVID-19 became a reality and brought with it significant restrictions, included the forced closure of theaters.
The lease lists iPic-Gold Class Entertainment LLC as the owner, but that company filed for bankruptcy last year. It was acquired by “iPic Theaters, LLC.” The name change was, for all intents and purposes, just a name change. The company’s Boca Raton headquarters address remained the same. The announcement was made in a press release issued by the company roughly a year ago in a financial press release issued on November 18th, 2019:
“Our ability to successfully work through a bankruptcy less than four months after our Chapter 11 filings, while maintaining and continuing to deliver upon our signature IPIC guest experience, is a testament to the hard work of our talented employees, executive management team, key partners and the strength of our relationship with our IPIC ACCESS members and guests. We will continue to hit the goals that we set for ourselves at the beginning of this process – including a more sustainable debt structure and a stronger balance sheet. This milestone is just the beginning of what we plan to achieve together moving forward. IPIC will continue to be a pioneering brand, leading the frontier of luxury moviegoing entertainment and unparalleled destination dining. All decisions moving forward will be strategic milestones to forward IPIC on this path, while continuing to deliver upon our brand promise.”
iPic operates 15 high-end theaters nationwide.
Read the complete lawsuit, below. If you are reading in a news app, click here to access the PDF.
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