Chuck E. Cheese parent files for Chapter 11 bankruptcy amid coronavirus crisis

Chuck E. Cheese parent files for Chapter 11 bankruptcy amid coronavirus crisis
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The company will continue talks with its stakeholders and landlords to restructure its balance sheet

Restaurant chain Chuck E. Cheese parent CEC Entertainment Inc said on Thursday the company and its domestic affiliates have filed for Chapter 11 bankruptcy as a result of the ongoing coronavirus crisis.

The company said it wants to use the process to continue talks with its stakeholders and landlords to restructure its balance sheet.

The statement, which described the current crisis as the “most challenging” in the company’s history, did not give any financial details.

Irving, Texas-based CEC was taken private by Apollo Global Management in 2014 for $1.3 billion, including debt.

Source: Fox Business

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