CEC Entertainment files for Chapter 11 bankruptcy
CEC Entertainment Inc., the parent company of the Chuck E. Cheese and Peter Piper Pizza chains of restaurants and entertainment centres, filed for Chapter 11 bankruptcy last week, citing restaurant closures during the coronavirus pandemic.
The company has 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.”
“The Chapter 11 process will allow us to strengthen our financial structure as we recover from what has undoubtedly been the most challenging event in our company’s history and get back to the business of delivering memories, entertainment and pizzas for another 40 years and beyond,” said David McKillips, the chief executive of CEC.
According to https://www.marketwatch.com/, as of June 24, 266 company-operated restaurant and arcade venues had reopened for business, and 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-US franchise partners and corporate entities are not included in the process.