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Stock impact report

iPic Entertainment, luxury cinema pioneer, files for bankruptcy as rivals move in [Los Angeles Times (CA)]

Ipic Entertainment, Inc CL A (IPIC)  More Company Research Source: Los Angeles Times
PDF Luxury movie theater chain iPic Entertainment, which helped lead the rise of dine-in moviegoing, has filed for Chapter 11 bankruptcy protection and may pursue a sale, the company said Monday. However, the Boca Raton, Fla.-based firm, which has 16 locations. including theaters in Westwood and Pasadena , will remain open for business, said founder and Chief Executive Hamid Hashemi. “To ensure an exciting future for iPic for the benefit of our guests, members, employees and other partners, we have hired top consultants and advisors to find a partner who shares our vision,” Hashemi said in a statement. “Our brand is thriving and leads the industry in popularity, but our balance sheet needs to course correct.” The company’s stock plunged more than 60% in midday trading to 65 cents a share. The stock has lost nearly all its value since the company held its initial public offering in February last year at $18.50 a share. Founded in 2010, iPic carved out an early niche in the film exhibition [Read more]
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