Chuck E. Cheese parent files for bankruptcy
It's all you can play at Chuck E. Cheese, but the kiddy favorite needs all the help it can get. Its parent, CEC Entertainment, filed for bankruptcy protection Thursday.
The birthday party palace that serves up pizza and arcade games has become the latest casualty of the global health crisis that is crushing the leisure and entertainment industries.
The company plans to use the bankruptcy proceedings to restructure its balance sheet and try to work things out with its shareholders and landlords. Its bankruptcy filing lists assets and liabilities of up to $10 billion.
CEC, which has reopened about half of its locations, says it'll keep re-opening its Chuck E. Cheese and Peter Piper Pizza venues and continue operating throughout the Chapter 11 process.
