Chuck E. Cheese parent files for Chapter 11 bankruptcy

The company plans to continue reopening locations throughout the bankruptcy process.

The coronavirus pandemic has upended its business, with same-store sales falling 21.9% during the first quarter.Justin Sullivan | Getty Images Chuck E. Cheese's parent company CEC Entertainment said Thursday that it filed for Chapter 11 bankruptcy after venue closures stemming fromThe company, which is owned by private equity firm Apollo Global Management, expects to continue operations throughout bankruptcy and will continue to reopen locations that were temporarily shuttered during the pandemic. It has already reopened nearly half of company-owned Chuck E. Cheese and Piped Piper locations, as of Wednesday.

For the quarter ended March 29, CEC Entertainment estimated its adjusted earnings before interest, taxes, depreciation and amortization was between $39 million and $43 million. Same-store sales during that period, which is typically its busiest time of the year, fell 21.9%. In a regulatory filing from early April, the company said that it was not paying rent.

CEC Entertainment said that it expects to use the Chapter 11 bankruptcy to continue discussions with financial stakeholders and landlords to restructure its balance sheet to support its reopening efforts and long-term strategy. Wilmington Trust is its largest creditor.earlier in June that potential buyers were circling the company as it struggled to keep its business afloat.

Been a long time coming, shocked they lasted this long.

That ball pit is loaded with disease!

Hey! I just saw a Chucky Cheese sign yesterday. Some lunch deal for 5 bucks. I liked the idea, but I know it's located in an area where the people could contaminate the food just by being in the kitchen. (Brooklyn Park) Too risky. Good way to get crack in your meal.

Which parent? Mom or dad? It's really sad to see Chuck grow up in, from what can tell, a casino for sugar high kids.

Moved the cheddar...

I am very sad. I worked security for Chuck E Cheese as a kid and no one was kidnapped on my watch!

what took so long

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Chuck E. Cheese parent CEC Entertainment files for Chapter 11 bankruptcyCEC Entertainment Inc., the parent of Chuck E. Cheese and Peter Piper Pizza, filed for Chapter 11 bankruptcy late Wednesday, weighed down by restaurant closures during the coronavirus pandemic. The company said it will use the time to continue talks with its financial stakeholders, including landlords, to "achieve a comprehensive balance sheet restructuring that supports its re-opening and longer-term strategic plans." As of June 24, 266 company-operated restaurant and arcade venues had reopened for business. The company is expecting to keep these venues open through Chapter 11 and to offer dine-in, delivery and take-out services. The company's non-U.S. franchise partners and corporate entities are not included in the process. Robinhood traders:
Source: MarketWatch - 🏆 3. / 97 Read more »

Chuck E. Cheese parent CEC Entertainment files for Chapter 11 bankruptcyCEC Entertainment Inc., the parent of Chuck E. Cheese and Peter Piper Pizza, filed for Chapter 11 bankruptcy late Wednesday, weighed down by restaurant closures during the coronavirus pandemic. The company said it will use the time to continue talks with its financial stakeholders, including landlords, to "achieve a comprehensive balance sheet restructuring that supports its re-opening and longer-term strategic plans." As of June 24, 266 company-operated restaurant and arcade venues had reopened for business. The company is expecting to keep these venues open through Chapter 11 and to offer dine-in, delivery and take-out services. The company's non-U.S. franchise partners and corporate entities are not included in the process. Robinhood traders:
Source: MarketWatch - 🏆 3. / 97 Read more »