Luxury theatre-restaurant brand, iPic Entertainment, has filed for Chapter 11 bankruptcy and seeks either debt restructuring or sale. The Florida-based company was founded in 2010 and has 16 theatres (123 screens) across nine states. iPic filed the Chapter 11 petition in United States Bankruptcy Court in the District of Delaware but will continue to operate during the proceedings, something that is expected to take around three to four months.

In a statement, the company’s founder and CEO, Hamid Hashemi, said, “To ensure an exciting future for iPic for the benefit of our guests, members, employees and other partners, we have hired top consultants and advisers to find a partner who shares our vision.”

“Our brand is thriving and leads the industry in popularity, but our balance sheet needs to course correct. Our theatres will remain open during this transition, our employees are being paid, as are our vendors and suppliers.”