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0.0158013544018059 -0.0164463076426959 -0.0327313769751693 -0.000322476620444982 0.0158013544018059 -0.0386971944534022 0.0319251854240568 -0.0486939696871977
Stock impact report

Luxury theater chain iPic Entertainment files for Chapter 11 bankruptcy, to pursue sale [CNBC]

Ipic Entertainment, Inc CL A (IPIC)  More Company Research Source: CNBC
PDF Luxury theater chain iPic Entertainment files for Chapter 11 bankruptcy, to pursue sale Luxury theater chain iPic The company, led by Hamid Hashemi, a former executive of big-box mega theaters, said delays in development and the high cost of capital depleted iPic's resources. Shares of the company fell nearly 50% on the news, trading around 85 cents ahead of the opening bell. At the close on Friday, shares traded at $1.67. "Importantly, delays related to the Delray Beach [Florida] location resulted in unforeseen costs and a significant slowdown in circuit-wide development and new grand openings," Hashemi said. "The decision to commence a Chapter 11 case to pursue a comprehensive restructuring was not taken lightly but is necessary to accomplish our long-term goals and secure the company's future." The company hopes to restructure its debt and strengthen its balance sheet, but will also pursue a sale. IPic said its theaters will remain open during the transition and its employees, vend [Read more]
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