Those who are fans of Chuck E. Cheese restaurants may want to think about saying their goodbyes. After months of failed attempts at tricking customers into thinking it was Pasquallys Pizza, the large restaurant chain has officially filed for Chapter 11 bankruptcy.
The news comes the way of CEC Entertainment, the parent company of Chuck E. Cheese. According to a press release, the company attributed the move to the continuous shutdowns caused by the COVID-19 outbreak that's sweeping the world. While 266 restaurants have reopened as of June 24, 2020, it seems like those reopenings were too little too late for the company.
According to the United States government, Chapter 11 bankruptcy means the company is getting protection from the government so that it can reorganize its business. While it doesn't necessarily mean the company is going out of business, the move is generally only done when the company is having financial difficulties. So while the company's 266 stores are still remaining open, families might want to get ready to say their goodbyes.
Even though places are starting to reopen, a lot of financial damage has been done over the past few months, some irreparable. Stores have been closed, some theme parks have remained shuttered, and businesses in general just haven't been making as much money as usual.
Because of that, it's not really surprising to see a company like Chuck E. Cheese go under, which generally only appeals to kids. Despite that, here's hoping that the company gets on its feet as soon as possible and its employees can get back to work quickly.
Source: CEC Entertainment