![]() ![]() IPic only has 16 locations so this situation should only affect select moviegoers but it does beg the question, is this the start of a larger shift in the sector? There's more competition in the luxury theater department, ticket prices are through the roof and, on top of that, streaming services are taking over more of the market than ever. Hashemi also predicted iPic could be a good purchase for a private equity player or another theater chain. It’s not an operational issue.” However, Hashemi did admit that the 444 individuals who hold the company's common stock are at risk of losing their investment. He added, "This is a restructuring of our balance sheet. Hashemi also told the outlet that, despite the situation, it's "business as usual." Apparently the plan is to continue showing movies with the same management team, loyalty program and level of service. ![]() 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. Hashemi exclusively told Variety the following: ![]() According to iPic CEO and founder Hamid Hashemi, that's part of the reason why the company filed for Chapter 11 bankruptcy. This thing is, now there's an abundance of competition in that department and even more when it comes to theaters with the perk of recliner seating. IPic Entertainment is considered one of the first theater chains to feature luxury, dine-in moviegoing. ![]()
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