IPIC Theaters, LLC Announces Plans to Pursue Sale

Rhea-AI Summary

IPIC Theaters (OTC:IPIC) announced on Feb 26, 2026 that it filed voluntary Chapter 11 in the Southern District of Florida to pursue a court‑supervised sale of assets while continuing operations.

The company said it issued WARN notices, expects sufficient liquidity for an expedited sale process, will keep management in place, and filed first‑day motions to support operations and employees.

Positive

• Court‑supervised sale could maximize creditor value
• Management retained to ensure operational continuity
• First‑day motions filed to preserve payroll and supplier relationships
• Company states sufficient liquidity for expedited sale process

Negative

• Chapter 11 filing signals significant financial distress
• WARN notices issued — employment not guaranteed beyond notice period
• Asset sale may lead to store closures or asset divestitures

BOCA RATON, Fla., Feb. 26, 2026 /PRNewswire/ -- IPIC Theaters, LLC ("IPIC®" or "Company"), America's premier luxury dine-in theater and restaurant brand, announced plans to pursue a sale of assets through voluntary Chapter 11 reorganization under the US Bankruptcy Code in the Southern District of Florida ("Court") where it will seek approval of said sale. The Company announced that it will continue to operate and conduct business pending a process to maximize value to all creditors. 

In connection with the filing, the Company issued WARN notices to all employees. As part of this process, IPIC cannot guarantee employment beyond the notice period.

"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," said Patrick Quinn, Chief Executive Officer.  "We are committed to continuing our business operations with minimal impact throughout the process and will endeavor to serve our customers with the high standard of care they have come to expect from us."

The Company anticipates sufficient liquidity to operate the business during an expedited sale process and the formulation of its plan of reorganization.  "We believe this process is the best path forward for the Company to continue to be an industry leader in the luxury dine-in theater and restaurant business.  We are committed to making this a seamless process for all of our stakeholders," said Quinn.

To ensure that day-to-day operations continue uninterrupted, current management will remain in place to work alongside the Company's restructuring advisors. The Company has filed "first day" motions seeking approval from the Court that the Company can honor its commitment to employees, guests, and partners. 

Court filings and other information related to the reorganization are available at, https://cases.stretto.com/IPICTheaters/, or by calling 562-684-1704 (toll free in North America).

About IPIC
The IPIC® Theaters' portfolio is comprised of four dine-in theater and restaurant brands, including IPIC, City Perch, The Tuck Room and Serena Pastificio. Founded in 2010, IPIC is a pioneer of the premium dine-in theater and restaurant concepts, offering guests high-quality, chef-driven culinary and mixology offerings in architecturally unique destinations. IPIC Theaters currently operates 8 restaurant locations and 13 dine-in theater locations with 100 screens in California, Florida, Georgia, Maryland, New Jersey, New York, Texas, and Washington.

For more information, visit IPIC.com.

Forward-Looking Statements
This press release contains forward-looking statements, including the statements that the Company will continue to operate and conduct business as usual pending a process to sell all or parts of the Company via a court supervised sale process.  These statements involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statement(s), including but not limited to such factors as the company's ability to control costs; the Company's ability to generate the expected cash flows from operations; and the timing and other issues relating to the court processes and required court approvals. 

Media Contact
Public Relations
Press@ipic.com 

 

View original content:https://www.prnewswire.com/news-releases/ipic-theaters-llc-announces-plans-to-pursue-sale-302697972.html

SOURCE IPIC Theaters

FAQ

Why did IPIC (IPIC) file Chapter 11 on February 26, 2026?

IPIC filed Chapter 11 to pursue a court‑supervised asset sale and maximize value. According to the company, management concluded a sale process was the best path forward after evaluating alternatives and will seek Court approval in the Southern District of Florida.

Will IPIC (IPIC) continue operating during the Chapter 11 sale process?

Yes, IPIC will continue operations while pursuing the sale. According to the company, current management will remain in place and it expects sufficient liquidity for an expedited sale and plan formulation to minimize disruption.

What do the WARN notices mean for IPIC (IPIC) employees?

WARN notices notify employees of potential layoffs but are not immediate terminations. According to the company, notices were issued and employment cannot be guaranteed beyond the notice period while the sale and reorganization proceed.

How can investors access IPIC (IPIC) court filings and case information?

Investors can view case documents and updates at the official restructuring portal. According to the company, filings are available at https://cases.stretto.com/IPICTheaters/ or by calling the provided toll‑free number for case information.

What legal steps has IPIC (IPIC) taken to protect operations during bankruptcy?

IPIC filed "first‑day" motions to maintain payroll, contracts, and supplier relationships. According to the company, these motions seek Court approval to honor commitments to employees, guests, and partners during the reorganization.