The iPic dine-in movie theater chain has filed for Chapter 11 bankruptcy protection and intends to pursue a sale of its assets, citing the difficult post-pandemic theatrical market.
The Boca Raton, Fla.-based company has 13 locations across the U.S., including in Pasadena and Westwood, according to a Feb. 25 filing in U.S. Bankruptcy Court in the Southern District of Florida, West Palm Beach division.
As part of the bankruptcy process, the Pasadena and Westwood theaters will be permanently closed, according to WARN Act notices filed with the state of California’s Employment Development Department.
The company came to its conclusion after “exploring a range of possible alternatives,” iPic Chief Executive Patrick Quinn said in a statement.
“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,” he said.
The company will keep its current management to maintain day-to-day operations while it goes through the bankruptcy process, iPic said in the statement. The last day of employment for workers in its Pasadena and Westwood locations is April 28, according to a state WARN Act notice. The chain has 1,300 full- and part-time employees, with 193 workers in California.
The theatrical business, including the exhibition industry, still has not recovered from the pandemic’s effect on consumer behavior. Last year, overall box office revenue in the U.S. and Canada totaled about $8.8 billion, up just 1.6% compared with 2024. Even more troubling is that industry revenue in 2025 was down 22.1% compared with pre-pandemic 2019’s totals.
IPic noted those trends in its bankruptcy filing, describing the changes in consumer behavior as “lasting” and blaming the rise of streaming for “fundamentally” altering the movie theater business.
“These industry shifts have directly reduced box office revenues and related ancillary revenues, including food and beverage sales,” the company stated in its bankruptcy filing.
IPic also attributed its decision to rising rents and labor costs.
The company estimated it owed about $141,000 in taxes and about $2.7 million in total unsecured claims. The company’s assets were valued at about $155.3 million, the majority of which coming from theater equipment and furniture. Its liabilities totaled $113.9 million.
The chain had previously filed for bankruptcy protection in 2019.
