iPic Theaters, a cinema chain that specializes in dine-in service, has filed for bankruptcy protection for a second time.

The company is pursuing a sale through Chapter 11 in Florida federal court as it grapples with lighter release schedules and declining ticket sales.

iPic says operations will continue as normal, though the circuit warned employees of potential layoffs or theater closures amid the process.

“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 iPic’s CEO Patrick Quinn.

“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.”

He added, “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.”

iPic previously filed for Chapter 11 in 2019, citing increased competition in the dine-in space as well as rising operating costs.

Shortly after the company found new ownership via the Retirement Systems of Alabama, COVID walloped the movie theater business and iPic’s box office revenues and balance sheets never recovered.

Other dine-in cinema operators, including Alamo Drafthouse and Studio Movie Grill, have sought bankruptcy protection since COVID.

iPic's box office revenues and overall balance sheets were unable to recover from this unprecedented global health crisis, leading to persistent financial difficulties.

iPic’s struggles are not unique. Other dine-in cinema chains like Alamo Drafthouse and Studio Movie Grill have also filed for bankruptcy after COVID-19.

The movie industry has faced many challenges, including Hollywood labor strikes and the rise of streaming services, all of which have led to fewer people going to theaters.

Headquartered in Boca Raton, Florida, iPic Theaters operates eight restaurants and 13 dine-in theaters across seven states, including California, Florida, and New York.

Court documents from February show the chain has assets of $10–50 million, liabilities up to $10 million, and owes over $2.5 million to vendors and employees.

Despite $112.5 million in revenue in 2025, iPic reported a net loss of $20 million.

Hollywood studios and theater owners are optimistic about a strong 2026, with blockbusters like Marvel’s Spider-Man: Brand New Day, Avengers: Doomsday, Christopher Nolan’s The Odyssey, and Pixar’s Toy Story 5.

However, overall box office sales are still about 20% below pre-pandemic levels, showing that the exhibition industry hasn’t fully bounced back.