Chuck E. Cheese files for Chapter 11 bankruptcy protection after much speculation over the children's dinnertainment chain's looming demise
last three years
, Chuck E. Cheese has gone through several unsuccessful IPO attempts and has tried to modernize its image by overhauling its restaurants' aesthetic, only to be hit with sweeping pandemic-related shutdowns in March. And in April, the company, facing mounting debt, started restructuring in an attempt to mitigate some of its spiraling losses. Then, in May, it came to light that Chuck E.
A Chuck E. Cheese spokesperson had told Business Insider that Pasqually's Pizza was a separate, delivery-only brand that sold slightly more upscale pizzas made with different ingredients than Chuck E. Cheese's pizzas. Unfortunately, that delivery-oriented Hail Mary came too late for CEC Entertainment. With one in five restaurantsdue to the pandemic, Charles Entertainment Cheese and his animatronic friends had the cards stacked against them from the beginning. Dinnertainment, a once-burgeoning genre of restaurant, is simply one of many dine-in concepts that are ill-prepared to survive the takeout-oriented restaurant landscape carved by the pandemic.
However, bankruptcy doesn't mean that Chuck E. Cheese restaurants will close in the near future. CEC Entertainment plans to continuefrom Business Insider Intelligence on how COVID-19 is impacting businesses.Get a personalized selection of top stories daily based on your preferences. Sign up now.
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Chuck E. Cheese parent files for Chapter 11 bankruptcyChuck E. Cheese's parent company CEC Entertainment said Thursday that it filed for Chapter 11 bankruptcy.
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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.
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Chuck E. Cheese parent files for bankruptcy, another casualty of pandemicThe company described the current crisis as the "most challenging" in its history and said it would use the bankruptcy proceedings to continue talks with stakeholders and landlords, as well as restructure its balance sheet. CEC listed both assets and liabilities in the range of $1 billion
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