IPIC Theaters Pasadena (Photo – Special to ColoradoBLvd.net)
The luxury dine-in cinema at IPIC Theaters in Pasadena is set to close permanently after its parent company filed for Chapter 11 bankruptcy protection, marking another shift in the city’s entertainment landscape.
By John Boucher
The Boca Raton–based company IPIC Entertainment announced in late February that it will pursue a sale of its assets while continuing limited operations during the bankruptcy process. As part of the restructuring, the Pasadena location and another theater in Westwood are expected to close April 28.
The closure will affect workers locally. According to a state notice filed under the Worker Adjustment and Retraining Notification Act, employees at the Pasadena theater will see their jobs end on the same date. The company has roughly 1,300 employees nationwide, including nearly 200 in California.
Local impact in Old Pasadena
The Pasadena theater has been a prominent entertainment venue in the Old Pasadena district, offering reserved recliner seating, in-theater dining and cocktails. Located in the One Colorado complex, it attracted moviegoers seeking a premium theater experience.
Its closing adds to the ongoing reshaping of in-person entertainment options in the area as theaters across the country continue to adjust to changing viewing habits.
Industry pressures
Company executives cited a challenging post-pandemic theater environment as a major factor in the decision.
While box office revenue has gradually improved since the pandemic, the recovery has been slow and uneven. Nationwide ticket sales remain well below pre-2020 levels, and studios have released fewer films in theaters.
The company also pointed to rising rent and labor costs as financial pressures.
At the same time, streaming platforms have continued to reshape how audiences watch movies at home, reducing theater attendance compared with pre-pandemic years.
Financial picture
Court filings show the company estimates it has about $155 million in assets, much of it tied to theater equipment and furnishings, and about $113.9 million in liabilities. The company also reported roughly $2.7 million in unsecured claims and about $141,000 in tax obligations.
This is not the first restructuring for the theater chain. The company previously filed for bankruptcy protection in 2019.
What happens next
IPIC says its current leadership team will remain in place while the company navigates the bankruptcy process and seeks a buyer for its assets.
For Pasadena residents, however, the future of the One Colorado theater at 42 Miller Alley appears settled. Unless a new operator steps in, the closure on April 28 will end the run of one of the city’s upscale moviegoing venues.
Leave a Reply