IPIC Theaters, LLC has filed for Chapter 11 bankruptcy and issued WARN notices to employees. The restaurant and theater operator says the filing will allow it to restructure its business and pursue a sale of assets. Court filings state the company intends to continue operating as usual during the restructuring process.
IPIC Theaters, LLC Files for Chapter 11 Bankruptcy
IPIC Theaters, LLC made a voluntary Chapter 11 filing on February 25, according to the latest case details available on PACER. The Boca Raton, Florida-based operator is moving ahead with the proceedings as a small business debtor in the U.S. Bankruptcy Court for the Southern District of Florida.
Court documents show the company elected to proceed under Subchapter V of Chapter 11 pursuant to 11 U.S.C. § 101(51D). Subchapter V allows qualifying small businesses to reorganize with lower administrative costs and streamlined court timelines.
According to PR Newswire, IPIC Theaters, LLC’s bankruptcy filing is intended at seeking sale of its assets. The restaurant and theater brand is planning to continue its operations through the proceedings so that its assets remain valuable to creditors.
Employees at IPIC Theaters, LLC Receive WARN Notices
The Boca Raton, Florida-based company has sent WARN notices to its workforce in relation to the latest filing. This indicates that the dine-in theater brand does not guarantee employee retention during the bankruptcy.
“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.”
Company Background
Founded in 2010, IPIC operates luxury dine-in movie theaters across the U.S. Its intimate theater spaces spread across nationwide locations are known to have quality projection and sound systems in luxurious arrangements.
IPIC Theaters, LLC further presents seasonal menu items created by expert chefs. The upscale theater and restaurant company also has a master mixologist who presents the guests in theaters with a variety of handcrafted cocktails.
According to the company’s website, the dine-in theater operator, headquartered in Boca Raton, Florida, has 13 locations featuring 8 restaurants and 100 screens across the country.
Filings So Far and Upcoming Deadlines
According to court records, attorney Christopher R. Thompson of Burr & Forman LLP is the legal counsel of IPIC Theaters, LLC in the latest case. The petition adds that Patrick Quinn is the authorized representative of the restaurant and theater brand.
Further information included in the Chapter 11 Subchapter V petition is here:
- Filing Date: February 25, 2026
- Court and Jurisdiction: U.S. Bankruptcy Court for the Southern District of Florida
- Type of Filing: Active, Voluntary Petition, Subchapter V
- Chapter: 11
- Case Number: 9:26-bk-12313
- Estimated Assets: $10,000,001 – $50 million
- Estimated Liabilities: $1,000,001 – $10 million
- Reason for Filing: Restructure business under court supervision
As of now, IPIC Theaters, LLC owes roughly 50 to 99 creditors in total. Court records indicate that funds will be available for distribution to the unsecured creditors.
Filing details state that the attorney, on behalf of IPIC Theaters, LLC, submitted several documents, including a list of creditors who have the 20 largest unsecured claims and are not insiders. A corporate ownership statement and a list of equity security holders were filed as well.
The company also filed its Chapter 11 case management summary.
The company filed standard first-day motions seeking approval to pay pre-petition wages, maintain utilities, compensate critical vendors, and continue tax payments.
IPIC Theaters, LLC further requested the court to employ Development Specialists, Inc. as its financial advisor, court filings show.
The restaurant and theater brand’s Chapter 11 hearing is scheduled for February 26. According to court records, another Chapter 11 hearing will take place on March 25.
Filing details further note that the claims deadline in the latest case is due by May 6.
The success of IPIC Theaters, LLC’s restructuring efforts is set to depend on key hearings and the claims deadline in May.
