“CEC Entertainment Inc., the parent of Chuck E. Cheese and Peter Piper Pizza, filed for bankruptcy protection after the coronavirus pandemic shuttered its locations and kept families at home.
“The filing in the U.S. Bankruptcy Court for the Southern District of Texas makes CEC the latest in a string of companies upended by covid-19.
“Lockdowns have drained revenue, keeping consumers at home and pushing corporations into bankruptcy.
“CEC, acquired by private equity firm Apollo Global Management Inc. in a 2014 leveraged buyout, has more than 600 Chuck E. Cheese outlets and over 120 Peter Piper Pizza venues.
“As of June 24, 266 company-operated Chuck E. Cheese and Peter Piper Pizza restaurant and arcade venues have re-opened, CEC said in a statement.
“It expects to maintain operations in theses locations during the Chapter 11 process, and to open additional locations each week.”
Read more at PPG
