Before the pandemic, my wife and I went to the movies at least a few times a month. In fact, part of the reason we chose to live in downtown West Palm Beach was that we could walk to a large movie theater.
The 12-screen theater, owned by AMC, is effectively closed.
The pandemic has hurt movie theaters, and business has yet to fully rebound and likely never will. Movie theaters already face increasing competition from streaming and consumers watching movies at home on bigger, better TVs.
AMC and Cinemark are both struggling to find viable business models, and now one of their biggest competitors, IPIC Theaters, has filed for Chapter 11 bankruptcy protection.
“The recovery is going to be much slower than people hoped,” Eric Handler, exhibition industry analyst at Roth Capital Partners, told Variety based on his analysis of North American box office and theater attendance trends.
“It’s been a struggle. There are companies going out of business, most major chains closing stores.”
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North American box office at Approximately US$8.6 billion in 2025still 23-27% below pre-pandemic levels from 2018-19, according to Axios.
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U.S. box office revenue was Approximately US$8.57 billion in 2024According to Box Office Mojo, this is a slight decrease from 2023 and well below the $11.4 billion in 2019.
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According to S&P Global Consumer Research, The share of regular moviegoers (monthly attendance) has fallen by 22% since 2019 (Indicating reduced recurring demand).
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Cinema United’s latest theater screening data shows Millions fewer people are regularly watching movies than before the pandemic, and changing audience patternseven though certain age groups attend more frequently.
“As theater seats gather dust and popcorn vendors sit idle, these numbers underscore a seismic shift in America’s entertainment habits: The allure of theaters is waning, replaced by the easy glow of the home screen. The numbers paint a picture of silent desperation in an industry once synonymous with cultural dominance,” Luke Bouma wrote at Cord Cutters News.
IPIC Theaters clearly recognizes that movies alone will not drive theater chain success in 2026. The chain offers a differentiated dining experience, but that model has struggled, with movie and dining chains Alamo Drafthouse and CMX Cinemas both recently filing for Chapter 11 bankruptcy.
Now, IPIC has also filed for bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code.
Luxury dine-in theater and restaurant brand IPIC Theaters LLC plans to seek approval for an asset sale in the Southern District of Florida through a voluntary Chapter 11 reorganization of the U.S. Bankruptcy Code. The company will continue to operate and conduct business pending value maximization proceedings for all creditors.
