JUST PRIOR TO PUBLISHING — CEC FILED FOR BANKRUPTCY
CEC Entertainment has filed for Chapter 11 bankruptcy protection after venue closures related to government-mandated closures of eating and entertainment venues.
The company’s owner, private equity firm Apollo Global Management, expects to continue operations while they rejigger their finances.
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Irving, Texas-based CEC Entertainment, whose iconic Chuck E. Cheese chain of restaurants is synonomus with family entertainment, is exploring a range of options, including refinancing, bankruptcy or restructuring. Corporate-speak for an impending sale or Chapter 11 bankruptcy filing.
This is reinforced by providing retention bonuses to the company's executives who mist remain with the company for twelve months or thirty days after a restructuring or acquisition. There is no doubt that the company is in serious financial trouble as all 610 locations were shut down in response to the COVID-19 pandemic.
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. Just because something bad hasn't happened yet, doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?