HUGE LOSS FOR MOVIE THEATER COMPANY. LAYOFFS LIKELY.
BOCA RATON, FL (BocaNewsNow.com) (Copyright © 2026 MetroDesk Media, LLC) — iPic Theaters, based in Boca Raton, has filed for bankruptcy. The company is seeking a buyer. Here is the official statement released by iPic shortly after it filed for Chapter 11 protection in federal bankruptcy court for the southern district of Florida.
>> America’s premier luxury dine-in theater and restaurant brand, announced plans to pursue a sale of assets through voluntary Chapter 11 reorganization under the US Bankruptcy Code in the Southern District of Florida (“Court”) where it will seek approval of said sale. The Company announced that it will continue to operate and conduct business pending a process to maximize value to all creditors.
In connection with the filing, the Company issued WARN notices to all employees. As part of this process, IPIC cannot guarantee employment beyond the notice period.
“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 Patrick Quinn, Chief Executive Officer. “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.”
The Company anticipates sufficient liquidity to operate the business during an expedited sale process and the formulation of its plan of reorganization. “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,” said Quinn.
To ensure that day-to-day operations continue uninterrupted, current management will remain in place to work alongside the Company’s restructuring advisors. The Company has filed “first day” motions seeking approval from the Court that the Company can honor its commitment to employees, guests, and partners. <<
We are publishing part of the filing, below. It’s profit/loss sheet shows a loss of nearly $18M.
