IPIC Entertainment is a string of luxury movie theaters with in-house dining, located in Boca Raton and Delray Beach.
According to the company’s spokesperson, IPIC has recently filed for bankruptcy through initiating proceedings under Chapter 11 of the United States Bankruptcy Code. According to the filing, IPIC is $290,860,000 in debt as of May 15.
IPIC is currently trying to either sell the company or put together a reorganization plan. The founder and CEO assures customers that the bankruptcy will not affect movie showings, as its Boca Raton and Delray Beach theaters will stay open.
IPIC founder and CEO Hamid Hashemi released this statement to WPTV:
“It’s business as usual. We’re going to continue showing movies. We’ll have the same management team. The same membership program. Our guests can expect the same level of service. This is a restructuring of our balance sheet. It’s not an operational issue.”
