Chuck E. Cheese Parent CEC Entertainment Files for Chapter 11 Bankruptcy

CEC Entertainment Inc., the parent of Chuck E. Cheese and Peter Piper Pizza, filed for Chapter 11 bankruptcy late Wednesday, weighed down by restaurant closures during the coronavirus pandemic. The company said it will use the time to continue talks with its financial stakeholders, including landlords, to "achieve a comprehensive balance sheet restructuring that supports its re-opening and longer-term strategic plans." As of June 24, 266 company-operated restaurant and arcade venues had reopened for business. The company is expecting to keep these venues open through Chapter 11 and to offer dine-in, delivery and take-out services. The company's non-U.S. franchise partners and corporate entities are not included in the process.