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CEC Entertainment, the parent agency of the entertainment-and-pizza to meet geared towards kids, plans come permanently close around 34 places that to be still open as soon as the coronavirus pandemic began.
The company, which own the chuck E. Cheese and Peter Piper Pizza chains, filed because that Chapter 11 bankruptcy protection late Wednesday.
Late Thursday, the company filed a perform of around 45 leases the plans to reject, including 5 in California, four in Florida, 4 in Massachusetts, 3 in Ohio and three in Oklahoma. The list contained 11 areas that had already closed before COVID-19. (See below for the complete list.)
CEC likewise requested a judge"s permission to continue to honor game credits, tickets, tokens, gift cards, customer deposits, discount offers and loyalty accounts, as lengthy as the agency remains in business. The agency has claimed it hopes to usage the thing 11 process to melted debt and emerge together a more sustainable operation.
With more than 15,000 employees, the Irving, Texas-based agency had 555 company-owned locations and also 186 franchisee places spanning 47 states and 16 foreign countries or U.S. Territories as of Dec. 29.
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CEC, i m sorry is owned by exclusive equity certain Apollo worldwide Management, posted revenue of $913 million and a net loss the $29 million in 2019, according to a court filing. Booked birthday packages made up about 16% of the company"s revenue in 2019.
Founded in 1977, lining E. Cheese renders up a bulk of the company"s business. Each ar has about 75 games, rides and also attractions, including classics like Skee-Ball, Whac-A-Mole and arcade basketball. The chain additionally serves a food selection of pizza, wings, desserts and drinks, consisting of alcoholic beverages at many of the sites. Visitors are serenaded through the brand"s eponymous mouse mascot.
Apollo take it the company private in 2014 through a leveraged buyout the left it with substantial debt.
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With its venues temporary closed due to COVID-19, the firm lost more than 90% the its revenue in spite of efforts to ramp increase food delivery and takeout. Throughout that period, the agency got behind top top its rent at numerous locations, according to a court filing.
"In simple times, the agency would be financially sound," CEC cook Financial Officer James Howell said in the court document.
In a separate court filing, CEC listed the leases that plans come reject. This list consists of 11 venues that had already permanently closed prior to COVID-19. It to be not immediately clear which locations had done so.
Here"s the full list of chuck E. Cheese and also Peter Piper Pizza leases that CEC Entertainment has requested court permission to reject: