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The basics:

• CMX Cinemas acquires IPIC’s Fort Lee theater through bankruptcy sale
• Bergen County location will continue operating under IPIC brand
• CMX retains theater, restaurant employees at acquired sites
• IPIC memberships, rewards, gift cards will continue to be honored

The show will go on at IPIC Theaters in Fort Lee, under new ownership. Rival CMX Cinemas has acquired nine of the luxury dine-in movie chain’s locations via a bankruptcy sale.

The purchase comes about four months after Boca Raton-based IPIC declared its second Chapter 11 bankruptcy since 2019. Following the latest petition, the company said it would pursue a court-supervised sale of assets while it works to restructure.

During the bankruptcy auction process, Miami-headquartered premium theater operator CMX submitted a reported $6 billion bid for the majority of IPIC’s locations and affiliated restaurant concepts.

The transaction moved forward this month after receiving approval from the U.S. Bankruptcy Court for the Southern District of Florida.

Besides IPIC’s theater and City Perch Kitchen + Bar at Hudson Lights in Fort Lee, the deal includes properties in Texas, Georgia, Florida and Maryland, the buyer said.

“IPIC has long stood for a distinctive moviegoing experience built on hospitality, premium comfort and culinary service,” said CMX Chief Executive Officer Rafael Munoz.

“As we welcome IPIC into the CMX Cinemas portfolio, our priority is continuity for guests and team members. Guests should continue to experience IPIC as IPIC, with the same brand promise and elevated approach to hospitality,” he said.

“This transaction is about more than theaters,” added Munoz. “It strengthens our position as a premium entertainment and hospitality company. By combining the strengths of CMX and IPIC, along with these unique restaurant brands, we can continue delivering experiences that bring guests together for movies, dining and social occasions.”

If it ain’t broke …

Founded in 2010, IPIC offers an upscale cinema experience that included chef-driven food and cocktails served during movies.

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A nine-year-old subsidiary of Mexico-based Cinemex, CMX operates 30 locations. It employs 1,900 workers nationwide.

CMX said it retained the theater and restaurant teams at the acquired sites to help “ensure operational continuity.” The move also preserves “the hospitality culture that has helped define the IPIC experience.”

IPIC stayed opened throughout the Chapter 11 process. However, the company issued WARN notices alerting employees their jobs could end depending on what happens with a sale. At its lone New Jersey location in Fort Lee, 97 workers were at risk of being laid off by the end of May. The venue opened in 2016 as IPIC’s first in the state.

According to CMX, the newly acquired sites will continue operating under the IPIC brand to offer guests the same luxury seating, dine-in service, and chef-driven food and beverage items.

The IPIC website and mobile app will remain active for ticket purchases, account access, rewards information and guest communications, CMX said. Eligible IPIC memberships, points, rewards, gift cards, and benefits will continue to be honored at participating CMX-operated IPIC locations, including Fort Lee.

Looking ahead, CMX said plans to continue investing in the IPIC experience, including hospitality, food and beverage offerings, premium seating and digital services.