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IPIC Closing Movie Theater Near Seattle, Will Lay Off 64 Workers Amid Bankruptcy
iPic Theaters seeks court-supervised sale after reporting a $20 million loss and owing $2.5 million to vendors amid ongoing industry attendance declines.
- On Feb. 25, iPic Theaters filed for Chapter 11 in Florida federal court, pursuing a court-supervised sale while continuing operations during an expedited sale process, CEO Patrick Quinn said.
- Amid industry shifts toward streaming, iPic said ticket sales remain roughly 20% behind pre-pandemic levels and cited fewer studio releases and COVID-19 losses since its 2019 Chapter 11 filing.
- Court documents show iPic Theaters has roughly $10 million to $50 million in assets, up to $10 million in liabilities, owes more than $2.5 million to vendors and workers, and operates 13 dine-in theaters with roughly 1,300 employees.
- All company employees received WARN notices, and the chain expects mass layoffs including 163 workers at the Atlanta location and 64 layoffs at the Redmond, Wash. IPIC Theater closing April 28.
- The filing comes as the North American box office in 2025 reached $8.87 billion, short of pre-pandemic highs, while studios expect 2026's blockbusters to revive attendance.
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Luxury Movie Theater Chain IPic Files For Chapter 11 Bankruptcy Protection
Luxury movie theater operator iPic Theaters has filed for Chapter 11 bankruptcy reorganization, planning to sell its assets but vowing to try to return to operating after a restructuring. Pending “a process to maximize value to all creditors,” the company will continue to operate and conduct business during what it called an “expedited sale process” […]
·Los Angeles, United States
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Filing: IPIC closing movie theater near Seattle, will lay off 64 workers amid bankruptcy
IPIC runs luxury theaters known for recliner seating, full food and drink service, and premium movie experiences. The company opened its theater at Redmond Town Center in 2011.
·Seattle, United States
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Total News Sources9
Leaning Left7Leaning Right1Center1Last UpdatedBias Distribution78% Left
Bias Distribution
- 78% of the sources lean Left
78% Left
L 78%
11%
11%
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