Chuck E. Cheese's parent company CEC Entertainment said Thursday that it filed for Chapter 11 bankruptcy.
The company plans to continue reopening locations throughout the bankruptcy process.
The coronavirus pandemic has upended its business, with same-store sales falling 21.9% during the first quarter.Justin Sullivan | Getty Images Chuck E. Cheese's parent company CEC Entertainment said Thursday that it filed for Chapter 11 bankruptcy after venue closures stemming fromThe company, which is owned by private equity firm Apollo Global Management, expects to continue operations throughout bankruptcy and will continue to reopen locations that were temporarily shuttered during the pandemic. It has already reopened nearly half of company-owned Chuck E. Cheese and Piped Piper locations, as of Wednesday.
For the quarter ended March 29, CEC Entertainment estimated its adjusted earnings before interest, taxes, depreciation and amortization was between $39 million and $43 million. Same-store sales during that period, which is typically its busiest time of the year, fell 21.9%. In a regulatory filing from early April, the company said that it was not paying rent.
CEC Entertainment said that it expects to use the Chapter 11 bankruptcy to continue discussions with financial stakeholders and landlords to restructure its balance sheet to support its reopening efforts and long-term strategy. Wilmington Trust is its largest creditor.earlier in June that potential buyers were circling the company as it struggled to keep its business afloat.
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