The iPic Theaters cinema chain filed for bankruptcy protection for a second time.
The upscale operation serves menu items including filet mignon sliders and lobster rolls at its locations in Lower Manhattan, Fort Lee, N.J. and 11 other locations nationwide. Its Chapter 11 filing in Florida last week reportedly reflects the theater and restaurant chain’s struggles with declining ticket sales and changing times.
Layoffs are expected. That includes 160 workers in an Atlanta operation that’s likely to close, according to the Hollywood Reporter.
“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,” CEO said Patrick Quinn informed investors on Tuesday. “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 Boca Raton, Fla., based theater brand was established in 2010. It’s New York City location at South Street Seaport’s Fulton Market opened in 2016. That facility includes a bar that serves high-end cocktails.
Quinn claims that iPic still hopes to be “an industry leader in the luxury dine-in theater and restaurant business.”
iPic also filed for Chapter 11 in 2019.