Luxury theater chain iPic Entertainment files for Chapter 11 bankruptcy, to pursue sale [CNBC]
IPIC ENTERTAINMENT INC A (IPIC)
US:NASDAQ Investor Relations:
globenewswire.com/news-release/2018/02/01/1330161/0/en/ipic-entertainment-announces-closing-of-its-initial-public-offering.html
Company Research
Source: CNBC
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
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