IPIC Old Pasadena to Close April 28 After Luxury Theater Chain Files for Bankruptcy

IPIC Theaters in Old Pasadena will permanently close on April 28, ending the luxury dine-in cinema’s run in the One Colorado complex after its parent company filed for Chapter 11 bankruptcy and issued layoff notices to all employees, according to state layoff notices and a company statement.

The closure will eliminate 91 jobs at the six-screen theater at 42 Miller Alley, according to a Worker Adjustment and Retraining Notification Act notice filed with the California Employment Development Department on February 27.

A second IPIC location, in Westwood, will also close on the same date, affecting 103 employees there. No potential buyers for either California location have publicly come forward, according to Patch.

iPic Theaters, LLC, headquartered in Boca Raton, Florida, filed for Chapter 11 protection on February 25 in the U.S. Bankruptcy Court for the Southern District of Florida.

The company elected to proceed under subchapter V of Chapter 11, a streamlined process designed for small-business cases, and stated it intends to pursue a court-supervised sale of its assets, according to a company statement.

“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,” Patrick Quinn, iPic’s chief executive officer, said on February 26.

iPic operates 13 dine-in theaters with approximately 100 screens across eight states and employs about 1,300 workers, according to Bondoro. The chain reported approximately $112.5 million in gross income and a net loss of approximately $19.4 million for the fiscal year ended December 31, according to Bondoro’s summary of court filings.

The 2026 petition listed estimated assets of $10 million to $50 million and liabilities of $1 million to $10 million, according to Variety.

This is iPic’s second bankruptcy, according to Patch. The company’s predecessor filed for Chapter 11 in Delaware in August 2019, and Retirement Systems of Alabama acquired the chain’s assets through a $51.8 million credit bid later that year, according to Bondoro.

Box office revenues remain approximately 20% below pre-COVID levels, according to Deadline. AMC, the world’s largest theater chain, reported that attendance fell nearly 10% in the fourth quarter of 2025 compared with the same period a year earlier, according to Patch. Multiple dine-in and premium theater chains — including Alamo Drafthouse, ArcLight/Pacific Theatres, Cineworld/Regal, and CMX Cinemas — have filed for bankruptcy or permanently closed since 2020, according to Bondoro.