The parent company of Chuck E. Cheese, the once popular children-themed restaurant chain, filed for Chapter 11 bankruptcy on Thursday, saddled by a huge pile of debt and dismal sales because of lockdowns across the country.
CEC Entertainment [CEII.UL], which also owns Peter Piper Pizza, said it plans to use the bankruptcy proceedings to talk to stakeholders and landlords and to restructure its balance sheet, as the outbreak ravages the entertainment and leisure industries globally.
Irving, Texas-based CEC, which was taken private by Apollo Global Management in a leveraged buyout in 2014, joins a growing list of high-profile corporate collapses due to the ongoing health crisis. CEC, which terminated a merger with blank check company Leo Holdings last year for an undisclosed reason, reported nearly $29 million in losses last year, compared to losses of $20.4 million in 2018.
As of Wednesday, 266 Chuck E. Cheese and Peter Piper Pizza restaurant and arcade venues were re-opened. The company expects to keep them open throughout Chapter 11 proceedings.
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