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Luxury Movie Theater Chain IPic Files Chapter 11 Bankruptcy

  • Company blames competition, a weak IPO and construction costs
  • IPic has 16 locations across the U.S. and several in the works
An iPic theater in Los Angeles.
An iPic theater in Los Angeles.Photographer: Ari Perilstein/Getty Images
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Luxury movie and dining chain iPic Entertainment Inc. filed for bankruptcy in Delaware and may sell itself less than two years after its initial public offering.

The Boca Raton, Florida-based chain owes about $205 million under a secured credit line and as much as $15 million to various vendors, suppliers and other unsecured creditors, proposed financial adviser David M. Baker of Aurora Management Partners said in a Chapter 11 declaration. The company lost about $57 million in 2018, filings show.