Chuck E. Cheese Officially Files For Bankruptcy
As previously reported, a few weeks ago there were rumors swirling that Chuck E. Cheese was filing for bankruptcy. Now the popular kids’ restaurant finally has made it official. Per…
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As previously reported, a few weeks ago there were rumors swirling that Chuck E. Cheese was filing for bankruptcy. Now the popular kids' restaurant finally has made it official.
Per CNBC, due to the coronavirus, Chuck E. Cheese has filed for Chapter 11 bankruptcy protection. They add that they "expect to continue operations through bankruptcy and will continue to reopen locations that were temporarily shuttered during the pandemic." So far, the brand has opened almost half of company-owned Chuck E. Cheese and Peter Piper Pizza this week.
According to CEC Entertainment, their estimated earnings for the quarter that ended March 29 was between $39 million to $43 million. Afterward, sales fell 21.9%. In a filing from April, the company revealed that it was not paying rent.
Other companies that have filed for bankruptcy protection due to COIVD-19 include Hertz, J.Crew, Neiman Marcus, and J.C. Penney.
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