Posted on 06/24/2020 8:32:21 PM PDT by Enlightened1
The coronavirus pandemic could spell the end of Chuck E. Cheese. The popular kid’s restaurant had to close its 610 locations nationwide during the outbreak. Now, $1 billion in debt has Chuck E. Cheese’s parent company, CEC Entertainment, approaching bankruptcy.
The Wall Street Journal reports that CEC is asking lenders for a $200 million to keep its business going. For comparison, the news is similar to the recent circumstances that led to the retail band JC Penney filing bankruptcy last month.
CEC has also offered its top executives retention bonuses to try and keep them from leaving, including $3 million to three of its executives, according to the Wall Street Journal.
The news comes after CEC admitted in April it was considering refinancing, restructuring, or even bankruptcy following the coronavirus pandemic given how much the restaurant industry has struggled. This after Chuck E. Cheese laid off 17,000 employees in March.
Chuck E. Cheese’s website currently lists three locations in the Cleveland area, including one in Parma, one in North Olmsted and one in Mayfield Heights.
(Excerpt) Read more at cleveland.com ...
IMHO, this would represent a marked cultural improvement. Id miss the families fighting videos on YouTube, though.
My post was winning for the Fearpers, not the Freepers.
The Fearpers would like everyone to hibernate until kingdom come or November 5, whichever comes first...and even after that, no one anywhere at anytime should be allowed to have even the least amount of fun.
Guess I should have put a “/s” on post 10 after all.
I apologize if my opinion was demeaning. The parent company had a right to exist, and they had the right to do things the way they wanted, in order to serve their guests.
I’ve just had REALLY bad experiences at every Chuck E. Cheese I’ve ever been to. Once I had a bad case of hives within 2 hours of eating there. I wasn’t sure if it was the food, or something on the table that I touched.
OHIO PING!
Please let me know if you want on or off the Ohio Ping list.
Chuck E. Cheese Could Permanently Close All Locations, Including 3 In Cleveland
6/24/2020, 11:32:21 PM · by Enlightened1 · 63 replies
Cleveland.com ^ | 06/12/20 | Troy Smith
Why don’t these people just change their business model. Ditch the fun and games. Start making decent pizzas. America needs another pizza outlet.
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