iPic Entertainment, the luxury theater chain that helped popularize the concept of dine-in moviegoing, has filed for Chapter 11 bankruptcy. It hopes to restructure its debt and has engaged investme…
, the luxury theater chain that helped popularize the concept of dine-in moviegoing, has filed for Chapter 11 bankruptcy. It hopes to restructure its debt and has engaged investment banker PJ Solomon to pursue a possible sale.
“It’s business as usual,” said Hashemi. “We’re going to continue showing movies. We’ll have the same management team. The same membership program. Our guests can expect the same level of service. This is a restructuring of our balance sheet. It’s not an operational issue.”Hashemi said that the two million members of iPic’s loyalty program will not be impacted and stressed that the company will honor gift cards and will continue to uphold its advertising partnerships on its pre-show programming.
“When we started this business back in 2007 there was nobody doing this type of dine-in, affordable, luxury experience,” said Hashemi. “Eventually the rest of the industry woke up. Our model inspired others to upgrade their circuits and the competition became more fierce.”
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