Chuck E. Cheese Parent Company files for Bankruptcy Protections
The parent company for Chuck E. Cheese filed for bankruptcy throwing into question the fate of 20 of its Pennsylvania locations for the children’s themed eatery filed for bankruptcy protections on Thursday.
CEC Entertainment, a Texas based company, said it expects to continue operations through the legal proceedings as it plans to relaunch operations after being closed for three plus months due the coronavirus pandemic.
“The Chapter 11 process will allow us to strengthen our financial structure as we recover from what has undoubtedly been the most challenging event in our company’s history and get back to the business of delivering memories, entertainment, and pizzas for another 40 years and beyond,” David McKillips, CEC Entertainment CEO said.
Chuck E. Cheese has four area locations; with one each in Warrington, Levittown, and two others based in Philadelphia.
Moving forward a company spokesperson said “critical” discussions will be held with investors and property owners to devise a long term plan, hoping to stabilize the situation.
Launched in 1977 the family fun focused business offers pizza, arcade games, rides, and cartoon graphics as part of its branded focus.
According to published reports, 722 companies in the U.S filed for bankruptcy, a 42 % increase for the same time frame last year.