According to Indie Wire, Penelope was dropped by IFC films and is going to be released on February 2008 with another studio. Here’s an excerpt from the article:

A theatrical release of Mark Palansky’s Penelope, the Toronto ‘06 premiere starring Reese Witherspoon which had been scheduled to open this Friday, was recently dropped. With no larger-budget releases on its longterm slate, IFC is instead focusing on its emerging IFC First Take label that simultaneously releases independent and foreign language films in theaters and via cable TV video-on-demand services.

Acquired jointly by IFC Films and The Weinstein Company out of Toronto last year (with IFC handling North American theatrical distribution and TWC taking home video), Penelope was initially slated for a wide release in April but ten days before opening day, IFC publicly announced that the film had been bumped to August 17th. A Type A Films production that was financed and produced by Stone Village Pictures, the film was written by Leslie Caveny and also stars James McAvoy, Catherine O’Hara and Peter Dinklage.

In recent weeks, it became clear that IFC would not be releasing Penelope and indieWIRE has confirmed that the film’s producers are planning a February 2008 release with another company.

To read the whole article, check out Indie Wire. Thanks to Confessions of Christina Ricci for the heads up!