It appears that Chuck E. Cheese’s plan to secretly sell pizza under another name was a flop. Now, the family entertainment center is approaching bankruptcy and might have to shutter all its locations.
The coronavirus pandemic hasn’t been kind to the popular kid’s restaurant. The Wall Street Journal reports that Chuck E. Cheese’s parent company, CEC Entertainment, is almost $1 billion in debt and is now attempting to ask lenders for a $200 million loan to keep the business open.
CEC recently announced that it’s planning to present its top executives with retention bonuses as a way to entice them to stay on. The brand said it would pay almost $3 million total to three executives, including $1.3 million to CEO David McKillips.
Read the source article at complex.com
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