iPic Theaters is facing a familiar script. The luxury cinema chain filed for Chapter 11 bankruptcy protection this week, marking its second restructuring attempt in seven years. Despite its reputation for gourmet dining and plush reclining seats, the Boca Raton-based company cited declining ticket sales and difficult industry conditions as the primary drivers for the move.

The filing comes with immediate consequences for local staff and moviegoers. According to GeekWire, iPic is shuttering its location at Redmond Town Center in Washington, which will result in the layoff of 64 employees. While this specific theater is closing its doors, the company plans to maintain normal operations at its other locations during the court-supervised sale process.

iPic currently operates 13 locations across the United States, including flagship spots in Austin, Delray Beach, and New York City. As reported by Screen Daily, the chain is now hunting for a buyer to take over its assets. This restructuring follows a previous bankruptcy in 2019, highlighting the ongoing struggle for boutique cinemas to compete with streaming giants and changing consumer habits.