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entertainment4h ago
iPic movie theater chain files for bankruptcy
- iPic filed for Chapter 11 bankruptcy protection and aims to sell its assets.
- Pasadena and Westwood locations will permanently close during the bankruptcy process.
- iPic has 13 locations and about 1,300 employees, including 193 in California.
- The filing cites post-pandemic shifts and streaming as factors hurting box office revenue.
- The company owed about $141,000 in taxes and roughly $2.7 million in unsecured claims.
- Assets were valued at about $155.3 million, with liabilities near $113.9 million.
- WARN Act notices indicate the April 28 last day of employment for Pasadena and Westwood workers.
- IPic’s bankruptcy filing notes the post-pandemic market remains challenging for theaters.
- iPic intends to maintain current management to run operations during bankruptcy.
- The company previously filed for bankruptcy protection in 2019.
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