Chuck E Cheese ‘Approaching’ Bankruptcy, May Close All Locations
So many stores and restaurants have closed during the Coronavirus pandemic crisis, it's kind of hard to keep track. So, to say that a business declaring bankruptcy and considering shutting down every single location has to have an extraordinary story to stick out is a monumental understatement. Know that when I say you might want to take a seat for this, I understand that fact fully. So, you and your kids might want to take a seat while I tell you about Chuck E Cheese's.
According to People, the pizza and entertainment giant is close to $1 billion in debt. CEC Entertainment, the parent company of Chuck E Cheese's, is desperately trying to get $200 million from investors in order to keep the company afloat. Currently, CEC operates 610 restaurants in 47 states, all of which have been closed down during the pandemic. Unfortunately, even the extreme cost cutting measures they have already implemented (including the layoff of almost 17,000 workers in March and doing online and delivery orders under the alias "Pasqually's Pizza and Wings") will not stop the coming catastrophe.
Even with these dire money issues, paperwork filed with the Securities and Exchange Commission show that the company plans to offer close to $3 million in bonuses to 3 executives - including $1.3 million to CEO David McKillips. The company claims these are "retention" bonuses designed to keep the company's top brass from leaving during a crisis. No date on the possible store closings was reported.
As a parent I am conflicted. On one hand, my older kid loved this place and my younger one has never been (she's 2, and almost a third of her life has been spent in Coronavirus lock-down mode) - but, I know she would love it. On the other hand, I really love my sanity. Rock and a hard place territory for sure.