![]() ![]() If it sells, the iPic CEO said the company could be an attractive target for a private equity player or a strategic investor such as another exhibition chain. Ipic’s 14 cocktails include the Anti-rita, which has clear tequila, a keto-friendly simple syrup made with a sugar substitute and sparkling lemonade soda. “We were not able to ramp up as quickly as we would like and a big part of that had to do with the development cycle,” said Hashemi. Hashemi noted that iPic had hoped that construction on its locations would take two years, but iPic theaters in New York City and Delray Beach, Florida took five and six years to build, respectively. IPIC Theaters passion for the movies is bringing a premium yet affordable movie experience for everyone. It initially wanted to open 25 locations in four to five years, but fell short of that goal. IPIC Theaters - The Ultimate Theater Experience. He also said that the company had struggled to build new venues at the pace it had anticipated. In the Fulton Market Building, this upscale movie theater elevates the entertainment experience with a Dine in the Dark menu, plush seats, and blockbuster. Our model inspired others to upgrade their circuits and the competition became more fierce.” “Eventually the rest of the industry woke up. “When we started this business back in 2007 there was nobody doing this type of dine-in, affordable, luxury experience,” said Hashemi. In recent years, AMC, Regal, and other chains have followed iPic’s example by outfitting locations with recliner seats and by offering alcoholic beverages and high-end food items at certain venues. Hashemi blamed the company’s financial issues on increased competition in the luxury theater space. Established in 2010, IPIC is Americas premier luxury restaurant-and-movie theater brand. For the same quarter in 2018, iPic posted losses of $6.4 million on revenues of $38.7 million. Year-over-year its losses mounted as its revenues slipped. ![]() The company lost $9.3 million during its most recent quarter on revenue of $30.2 million. IPic has been publicly traded since February 2018, raising $15.1 million with its initial offering. ![]() He acknowledged, however, that its 444 holders of the company’s common stock risk losing some or all of their investment. Or, head over to our bar and lounge to enjoy conversation with friends over handcrafted cocktails prepared by a master mixologist. 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. Get acquainted with our chef-driven theater and restaurant menus offering thoughtfully prepared and seasonally inspired dishes. This is a restructuring of our balance sheet. Our guests can expect the same level of service. Courtesy of iPic iPic Entertainment, the luxury theater chain that helped popularize the concept of dine-in moviegoing, has filed for Chapter 11 bankruptcy. ![]()
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