The firm, which has 16 locations including theaters in Westwood and Pasedena, will still remain open for business.
Luxury movie theater chain iPic Entertainment, which helped lead the rise of dine-in moviegoing, has filed for Chapter 11 bankruptcy protection and will pursue a sale, the company said Monday.including theaters in Westwood and Pasadena“To ensure an exciting future for iPic for the benefit of our guests, members, employees and other partners, we have hired top consultants and advisors to find a partner who shares our vision,” Hashemi said in a statement.
But the concept has since become mainstream as large exhibitors have upgraded their theaters to combat long-term declines in attendance. Rivals such as Mexican theater chain Cinepolis and Leawood, Kan.-based AMC Theatres, the world’s biggest circuit, have introduced their own luxury theaters with dine-in options. Perks such as recliner seating and alcoholic beverages have become increasingly common.
“Even though the company’s competitors’ overall experience did not compare to that of [iPic], the availability of reclining seats used by competitors at a lower consumer price point proved to be a challenge,” said Aurora Management Partners co-founder David M. Baker, in his court declaration filed Monday.Rising construction costs, a disappointing IPO and the cyclical nature of the box office also posed challenges, Baker wrote. The company had planned to build 20 to 25 locations.
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