Luxury Theater Chain iPic Files for Bankruptcy, Plans Asset Sale

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iPic Theaters, a luxury theater and dine-in chain based in Boca Raton, Florida, has filed for bankruptcy for the second time. The company, owned by Alabama employee retirement funds, plans to sell its assets through the court-supervised bankruptcy process. As part of the restructuring, iPic expects to lay off 163 workers as it closes its Atlanta locations.

Why it matters

The bankruptcy filing reflects the ongoing challenges facing the theater industry, which has struggled with declining attendance and the shift to streaming services, even before the COVID-19 pandemic. The sale of iPic's assets could signal further consolidation in the theater business as companies look to cut costs and adapt to changing consumer preferences.

The details

iPic Theaters filed for Chapter 11 bankruptcy protection on Wednesday in the U.S. Bankruptcy Court for the Southern District of Florida. The company plans to sell its assets through the court-supervised process. As part of the restructuring, iPic has issued notices to its workers that they may be laid off, with 163 employees expected to be let go by April 28 as the company closes its Atlanta locations.

• iPic Theaters filed for bankruptcy on Wednesday, February 26, 2026.
• The company expects to lay off 163 workers by April 28, 2026 as it closes its Atlanta locations.

What’s next

The bankruptcy court will oversee the sale of iPic's assets as the company restructures.