Key points:

  • Colony Square movie theater IPIC will close in Midtown on April 28.
  • The company behind the dine-in movie theater filed Chapter 11 bankruptcy.
  • It’s unclear if Colony Square ownership plans to replace IPIC with another movie theater.
Crowd gathers for outdoor movie night at IPIC Theater plaza with string lights, colorful umbrellas, and large screen.
Crowd gathers for outdoor movie night outside IPIC at Colony Square in Midtown. (Via Colony Square/Facebook)

Colony Square will lose its movie theater in April, after dine-in theater IPIC filed for bankruptcy. IPIC, which opened in 2020 as part of a multi-million-dollar revamp of the Midtown complex, will close on April 28, according to Atlanta News First.

The Boca Raton-based company filed for Chapter 11 bankruptcy, notifying 163 IPIC employees in Atlanta of layoffs once the movie theater closes at Colony Square.

“After exploring a range of possible alternatives, the Company concluded that a court-supervised sale of assets is in the best interest of the Company and its stakeholders,” CEO Patrick Quinn said in a press release. “We are committed to continuing our business operations with minimal impact throughout the process and will endeavor to serve our customers with the high standard of care they have come to expect from us.”

The company also owns neighboring Italian restaurant Serena Pastificio at Colony Square, which it hopes to sell to avoid closure. 

Whether Colony Square developer Jamestown knew about the bankruptcy filing or IPIC’s intention to close its lone Georgia location ahead of the announcement is unclear. Unlike backfilling a restaurant or retail space, securing a tenant for a 476-seat movie theater, or converting the space to something else, could prove challenging and costly.

Rough Draft reached out to Jamestown on plans to replace IPIC at Colony Square. 

The company behind IPIC also own Serena Pastificio, which it hopes to sell to avoid closure. (Via Colony Square/Facebook)

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Movie theater woes

IPIC theaters offer full-service dining at your seat, a full bar, and cushy recliner seating within semi-private pods. For many Midtown residents, office workers, and nearby hotel guests, the Colony Square dine-in movie theater is within walking distance or a quick MARTA ride via both Midtown and Arts Center stations.

IPIC serves as one of the anchor tenants at Colony Square, along with Politan Row food hall at the midtown Atlanta complex. 

The closure of IPIC in Atlanta comes at a time when movie theaters continue struggling to keep pace with streaming services and direct-to-streaming film releases.

According to a report by The Hollywood Reporter, ticket sales at AMC Theaters fell by nearly 10 percent last quarter, with overall theater attendance across the country down by 7.5 percent in 2025.

CNBC cites underperforming big-name sequels and overexposure of popular film franchises for partially leading to a decline in ticket sales at movie theaters.

Beth McKibben serves as both Editor-in-Chief and Dining Editor for Rough Draft Atlanta. She was previously the editor of Eater Atlanta and has been covering food and drinks locally and nationally for 15 years.