(Reuters) – Chuck E. Cheese restaurant chain, parent of CEC Entertainment, filed for Chapter 11 bankruptcy on Thursday, becoming the latest victim of the COVID-19 pandemic that has crushed the entertainment and entertainment industries. leisure worldwide.
The company described the current crisis as the “most challenging” in its history, and said it would use bankruptcy procedures to continue talks with stakeholders and owners, as well as to restructure its balance sheet.
CEC listed both assets and liabilities in the range of $ 1 billion to $ 10 billion, according to the bankruptcy filing in the United States Bankruptcy Court for the Southern District of Texas.
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“Miami, USA – March 15, 2012: Chuck E Cheese coin or token dated 2012. Chuck E. Cheese, a chain of family entertainment centers, is the primary brand of CEC Entertainment, Inc.”
“Miami, USA, March 15, 2012: Chuck E Cheese Plastic Token Cup. Chuck E. Cheese, a chain of family entertainment centers, is the primary brand of CEC Entertainment, Inc.”
9-year-old Marie Marcum works on her swing during practice with her softball team, the Plainfield Twisters, at a training facility on Saturday, March 9, 2019 in Joliet, Illinois. Marie wrote a letter to Major League Baseball about a licensed MLB baseball pitching game at the Chuck E. Cheese Entertainment Center that made negative audio comments about softball. The manufacturer removed the sound from the game as a result of its letter. (John J. Kim / Chicago Tribune / Tribune News Service via Getty Images)
9-year-old Marie Marcum plays softball during practice with her team, the Plainfield Twisters, in a gym on Saturday, March 9, 2019 in Joliet, Illinois. Marie wrote a letter to Major League Baseball about an MLB licensed baseball pitching game at The Chuck E. Cheese Entertainment Center that made negative audio comments about softball. The manufacturer removed the sound from the game as a result of its letter. (John J. Kim / Chicago Tribune / Tribune News Service via Getty Images)
Logo and sign on the front of the Chuck E Cheese children’s activity company in Dublin, California, July 23, 2018. (Photo from Smith Collection / Gado / Getty Images)
HOLLYWOOD, CA – NOVEMBER 27: Chuck E. Cheese attends the 85th Annual Hollywood Christmas Parade on November 27, 2016 in Hollywood, California. (Photo by Tara Ziemba / WireImage)
Arefa’s birthday falls in January, but she asked Jami and Staci if she could celebrate with them in December to honor their seventh year. The sisters granted her wish and hosted a “Hello Kitty” themed party at Chuck E Cheese in her honor. “We have Americanized it, just by being close to us, living here like us,” Staci said shortly after hosting the party at Chuck E. Cheese’s. Arefa had spent that afternoon frolicking around the packed restaurant, a purple ribbon and bronze-colored medal hanging from her slim shoulders, impressed by arcade games and the robot show, by the singing musician dressed as a rat. “We have done this, at what cost? She is going home to a different girl and not just physically. She is a girl who found her voice here. Will they be able to accept that?” (Photo by Barbara Davidson / Los Angeles Times via Getty Images)
Chuck E. Cheese’s is one of the places where celebrities like to eat in Springfield, Missouri, as seen on Sunday, January 6, 2008. (Mark Schiefelbein / Wireimage for OK! Magazine) *** Local Caption ***
Chuck E. Cheese (Photo by Mark Sullivan / WireImage) *** Local Caption ***
Photo by: John Nacion / STAR MAX / IPx 2020 05/12/20 A view of Chuck E. Cheese during the coronavirus pandemic on May 12, 2020 in the Queens district of New York City. COVID-19 has spread to most countries in the world, claiming more than 270,000 lives with over 3.9 million reported infections.
DISTRIBUTED IMAGE FOR CHUCK E. CHEESE – Professional softball pitcher Jennie Finch-Daigle, left, and daughter Paisley Daigle play during the grand reopening of the recently remodeled Chuck E. Cheese restaurant on Thursday, August 9, 2018 in Lake Charles, The. (Tim Mueller / AP Images for Chuck E. Cheese)
DISTRIBUTED IMAGE FOR THE SPIRIT OF CHILDREN: Chuck E Cheese plays foosball with a patient at Phoenix Children’s Hospital on Wednesday October 18, 2017 in Phoenix. Spirit of Children, the heart of Spirit Halloween, is dedicated to making hospitals less scary for children and their families by helping them experience the joy of Halloween. Spirit of Children plays host to nearly 100 parties across North America, while providing critical funding for Child Life departments at partner hospitals throughout the year. (Rick Scuteri / AP Images for Spirit of Children)
DISTRIBUTED IMAGE FOR THE SPIRIT OF CHILDREN – Chuck E Cheese greets patients at Phoenix Children’s Hospital for a very special Halloween of the Spirit of the Child party on Wednesday, October 18, 2017 in Phoenix. Spirit of Children, the heart of Spirit Halloween, is dedicated to making hospitals less scary for children and their families by helping them experience the joy of Halloween. Spirit of Children plays host to nearly 100 parties across North America, while providing critical funding for Child Life departments at partner hospitals throughout the year. (Rick Scuteri / AP Images for Spirit of Children)
DISTRIBUTED IMAGE FOR CHUCK E. CHEESE’S – Christina Milian enjoys delicious Chuck E. Cheese pizza at the brand’s ‘National Pizza Month’ celebration on Wednesday, October 4, 2017 in Los Angeles. (Matt Sayles / Invision photo for Chuck E. Cheese’s / AP Images)
IMAGE DISTRIBUTED TO CHUCK E. CHEESE’S – In this photo distributed on Monday, May 22, 2017, families and children applaud after setting up the GUINNESS WORLD RECORDS “Most Party Blowers Blown Simultaneously” to celebrate the 40th birthday of marks it at a location in Plano, Texas on Friday, May 19, 2017. (Richard Rodriguez / AP Images for Chuck E. Cheese’s)
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American and international franchise partners, as well as corporate entities outside of the United States, are not part of the process, he said.
The Chuck E. Cheese and Peter Piper Pizza locations will continue to open according to government guidelines, the CCA added.
As of Wednesday, 266 Chuck E. Cheese and Peter Piper Pizza restaurants and game rooms reopened, and the company hoped to maintain ongoing operations at the sites throughout the Chapter 11 process.
Since then, he has tried to expand his appeal beyond children and adolescents, expanding his offer of alcohol for adults.
As of March, CEC and its franchisees operated 612 Chuck E. Cheese locations and 122 Peter Piper Pizza locations, with locations in 47 US states. USA And 16 foreign countries.
PJT Partners serves as a financial advisor, while FTI Consulting is its restructuring advisor, he said.
(Report by Kanishka Singh in Bangalore; Edition by Krishna Chandra Eluri and Anil D’Silva)
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