iPic Theaters files Chapter 11, launches expedited court‑supervised sale

iPic Theaters filed for Chapter 11 protection in the Southern District of Florida on Feb. 25 and has launched an expedited, court‑supervised sale process, the company disclosed in late‑February filings and public reports first widely published March 4. The Boca Raton‑based luxury dine‑in chain said it intends to continue operating its theaters while seeking a buyer.

According to Feb. 25 court filings reported by Hollywood Reporter and Variety, iPic listed roughly $10 million to $50 million in assets and up to $10 million in liabilities, and said it owed more than $2.5 million to vendors and workers. The filings and subsequent reporting show the company posted a net loss of about $20 million last year on $112.5 million in gross revenue.

The chain operates 13 locations and roughly 100 screens across eight states, with brands that include iPic, City Perch, The Tuck Room and Serena Pastificio, Deadline and AL.com reported. The portfolio also includes about eight restaurant locations. Hollywood Reporter estimated the company employs roughly 1,300 people nationwide.

The filing has immediate local consequences. AL.com reported that the company issued WARN notices to all employees and that an Atlanta location at Colony Square near Piedmont Park is slated to close April 28, a move AL.com said will affect 163 workers, citing Atlanta News First. Hollywood Reporter and other outlets warned that additional theater closures and layoffs are possible if a buyer is not found through the sale process.

The company framed the move as a necessary step to preserve value and continue operations. In a statement quoted by Deadline, CEO Patrick Quinn said, "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." Deadline also reported Quinn added, "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." AL.com published a near‑identical remark attributed to Quinn: "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’s Chapter 11 is the latest signal of strain in the upscale exhibitor niche. The company previously emerged from a 2019 Chapter 11 when it was bought by the Retirement Systems of Alabama, only to be hammered by COVID‑19 closures soon after, Hollywood Reporter and Deadline noted. Industry data published by Variety show domestic box office recovered to $8.87 billion in 2025, a 1.2 percent increase, but exhibitors continue to face uneven attendance and thin theatrical release slates; Variety cited recent losses by larger chains as part of the backdrop to iPic’s filing.

Deadline also noted the company’s shares trade over the counter and that iPic historically booked some streamer releases, a programming strategy that set it apart from some larger exhibitors. The Chapter 11 sale process will be overseen by the Florida federal court with the company and its advisers seeking to maximize value for creditors while keeping theaters open during the marketing period. No stalking horse bidder or interested buyer has been disclosed in reporting to date.

For customers, the filing leaves uncertainty about which premium locations will remain open. Reporting from Hollywood Reporter and TheWrap underscored the chain’s premium offerings at sites such as Westwood — leather recliners, blankets, chef‑driven menus and premium plus seats that can cost about $26 — amenities now at risk as iPic pursues a rapid sale.