The price is around $27 for the ticket, unlimited popcorn, and the reclining seat. It is a great place to celebrate a special evening though. Now, all of this comes at a premium price so this isn’t the type of place I would come to on a regular basis. And the quality of food that you can have delivered to your seat is pretty spectacular. While several theatres in the area do have reclining leather seats at iPic these seats come with a blanket and pillow. However, in LA amazing and unique movie theatres can be found on almost every single street in the city. ![]() ![]() IPic is not your typical movie theatre chain compared to theatres in other cities besides Los Angeles. That means if you click on a link and buy something, I will earn a small commission from the advertiser at no additional cost to you. However, I ended up getting to see a movie for free at iPic recently. One of the reasons that I put it off for so long though is that the iPic theatres are a little pricey. Ever since I read an article where Ashton Kutcher listed the iPic movie theatres as his favorite place to see a movie I have wanted to check it out for myself. Not only because I work in the entertainment industry but going to the movies has always been a fun and relaxing activity for me. Pachulski Stang Ziehl & Jones LLP is serving as legal counsel and Aurora Management Partners is serving as financial advisor as iPic navigates a restructuring process it anticipates will conclude in 90 to 120 days.I absolutely love going to the movies. The company also lists a $1.5 million class action settlement among its unsecured creditors. The company’s list of unsecured creditors includes the law firm Yetter Coleman LLP with $2.9 million in claims, as well as Walt Disney Studios with $1.3 million in claims, Sony Pictures with $668,723 in claims, Universal Film Exchanges with $124,740 in claims, and Paramount Pictures with $122,196 in claims. In its initial filings, iPic estimates its total debts are $290.9 million and its total assets are $157 million. “The range of suitors is wide and we’ve had a lot of interest in the past,” said Hashemi. If it sells, the iPic CEO said the company could be an attractive target for a private equity player or a strategic investor such as another exhibition chain. “We were not able to ramp up as quickly as we would like and a big part of that had to do with the development cycle,” said Hashemi. Hashemi noted that iPic had hoped that construction on its locations would take two years, but iPic theaters in New York City and Delray Beach, Florida took five and six years to build, respectively. It initially wanted to open 25 locations in four to five years, but fell short of that goal. He also said that the company had struggled to build new venues at the pace it had anticipated. 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. In recent years, AMC, Regal, and other chains have followed iPic’s example by outfitting locations with recliner seats and by offering alcoholic beverages and high-end food items at certain venues. Hashemi blamed the company’s financial issues on increased competition in the luxury theater space. ![]() For the same quarter in 2018, iPic posted losses of $6.4 million on revenues of $38.7 million. ![]() Year-over-year its losses mounted as its revenues slipped. The company lost $9.3 million during its most recent quarter on revenue of $30.2 million. IPic has been publicly traded since February 2018, raising $15.1 million with its initial offering. He acknowledged, however, that its 444 holders of the company’s common stock risk losing some or all of their investment. Hashemi said that the two million members of iPic’s loyalty program will not be impacted and stressed that the company will honor gift cards and will continue to uphold its advertising partnerships on its pre-show programming. This is a restructuring of our balance sheet. Our guests can expect the same level of service.
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