View Comments
CEC Entertainment — the parent company of Chuck E. Cheese — filed for Chapter 11 bankruptcy protection Wednesday after the coronavirus pandemic forced the company to close locations across the country, USA Today reports.
What’s the news:
- CEC Entertainment — which owns Peter Piper Pizza, too — said it wants to use the Chapter 11 protection to help the company cut some of its debt and negotiate new deals with landlords, according to USA Today.
- The company hopes to emerge stronger than before the pandemic so it can continue to create places “where a kid can be a kid.”
- CEC David McKillips said the COVID-19 pandemic has been “the most challenging event in our company’s history.”
- He said the company hopes to “get back to the business of delivering memories, entertainment and pizzas for another 40 years and beyond.”
Will someone buy it?
- According to The Wall Street Journal, there are some potential buyers looking at CEC Entertainment since it has struggled to keep up success amid the pandemic. The company announced a merger with an acquisition company in 2019 but the deal fell through.
- Per CNBC, CEC Entertainment joins Hertz, J.Crew, Neiman Marcus and J.C. Penney as companies impacted by the pandemic.