While many theaters offer candy, popcorn and soda, iPic goes all out and offers gourmet style food options, including alcoholic drinks for those of age.
IPIC MOVIE THEATERS PLUS
While premium offers a comfortable seat, side table, and optional food and drinks, premium plus seats offer reclining leather chairs accompanied with a pillow, blanket and free popcorn. The difference between the two options is not incredibly drastic. The new theater offers two seating options: premium seating, priced at $13, and premium plus seating, priced at $22. These theaters can be cramped with seats placed very close together, but in the iPic Theater, extra leg room is included if you are willing to pay the more expensive ticket prices.
IPIC MOVIE THEATERS MOVIE
Typically movie theaters usually have ticket prices ranging from $10 to $15, depending on the theater.
IPIC MOVIE THEATERS FULL
IPic has 240 full time employees and 1,770 part-time workers.Pike and Rose’s new iPic Theater is looking to change up the movie theater industry. The company has secured $16 million in debt financing from the Teachers’ Retirement System of Alabama and the Employees’ Retirement System of Alabama to fund its operations. 31, 2018, the company had assets valued at $158.7 million and liabilities totaling $277.9 million.Ĭurrent management will remain in place during the bankruptcy process, which the company expects will take 90 to 120 days, the firm said. iPic posted a loss of $56.8 million last year.
The company, in a regulatory filing, said it owes $205 million to secured creditors under a pre-petition loan agreement, along with $13 million to $15 million to unsecured creditors, including vendors and suppliers. IPic has struggled under a heavy debt load. The company had planned to build 20 to 25 locations. Rising construction costs, a disappointing IPO and the cyclical nature of the box office also posed challenges, Baker wrote. Baker, in his court declaration filed Monday. “Even though the company’s competitors’ overall experience did not compare to that of, the availability of reclining seats used by competitors at a lower consumer price point proved to be a challenge,” said Aurora Management Partners co-founder David M.
An iPic adult ticket costs about $32, a high price compared to most other theaters, even in major cities such as Los Angeles.
The tough competition, which often offered amenities at a lower price than iPic, proved be a major obstacle, according to court filings. Perks such as recliner seating and alcoholic beverages have become increasingly common. Rivals such as Mexican theater chain Cinepolis and Leawood, Kan.-based AMC Theatres, the world’s biggest circuit, have introduced their own luxury theaters with dine-in options. IPic acquired Gold Class Cinemas, which pioneered the idea of letting customers order food and booze from their seats when it opened its theater in Pasadena in 2009.īut the concept has since become mainstream as large exhibitors have upgraded their theaters to combat long-term declines in attendance. Many iPic locations also have full-service restaurants attached. Founded in 2010, iPic carved out an early niche in the film exhibition industry with its high-end in-theater dining concept in which patrons could order food and beverages, including wine and cocktails, from their seats with the push of a button.
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