Cinema Chain iPic Files For Chapter 11 Bankruptcy: Enter Netflix, Apple Or Amazon?

In a move that surprised many in the movie industry, luxury cinema chain iPic filed for Chapter 11 bankruptcy this morning and announced it is pursuing either a financial reorganization or a possible sale of the circuit.

While the company also avowed it would explore restructuring options what is especially intriguing about the filing is its proclamation that it is actively exploring the sale of the chain. The court filing indicated that several entities have been granted access to the circuit's financial data. that it was a curious approach as Landmark already played most Netflix films, such as this past December's multiple Oscar winner,So far this morning, the name Netflix is the one on most industry observers' lips and if the Landmark purchase was head-scratching then the purchase of a circuit chain that has even fewer locations is even more peculiar. Perhaps the fact that Netflix already has a marketing partnership with iPic is the genesis of these rumors.

But it would behoove any company interested in the circuit to do their due financial diligence. iPic was launched as a luxury cinema brand that would appeal primarily to adults 21 and over. However, with Disney garnering a larger and larger market share the industry can expect more films that appeal to the under-18 crowd for whom iPic has little interest. Five of the top 10 films so far for 2019 are films geared toward children, including the aforementionedandfranchises.

Does anybody still go to movie theaters?

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