IPIC Theaters has filed for voluntary Chapter 11 bankruptcy and plans to pursue a court supervised sale of its assets in the U.S. Bankruptcy Court for the Southern District of Florida.
The luxury dine in theater and restaurant chain said it will continue operating during the process while it seeks buyers and works to maximize value for creditors. As part of the filing, the company issued WARN notices to employees, meaning it cannot guarantee employment beyond the notice period.
According to a representative at the IPIC theater at 11830 Grand Park Avenue in North Bethesda’s Pike and Rose, the location is expected to close by April 28 if a buyer is not found. The theater opened in 2014 and has been a longtime anchor entertainment venue at the Pike and Rose development. Company officials said they expect to have enough liquidity to continue operating locations during the restructuring and sale process.
