Chuck E. Cheese files for bankruptcy, blames COVID-19 shutdown.
Chuck E. Cheese is officially filing for bankruptcy protection following rumours they might be doing so.
The pizza restaurant’s parent company CEC Entertainment announced June 24 that they had filed for voluntary protection under Chapter 11 of the U.S. Bankruptcy Code.
Despite this, they’ve reopened 266 of their 612 Chuck E. Cheese and Peter Piper Pizza restaurants, so there’s still time to investigate that pizza conspiracy theory.
The chain was operating at Pasqually’s Pizza and Wings in some areas on delivery apps. As it was $1 billion in debt, the chain was seeking $200 million in loans and is continuing to negotiate with debt and leaseholders.
“The Chapter 11 process will allow us to strengthen our financial structure as we recover from what has undoubtedly been the most challenging event in our company’s history,” said CEO David McKillips in a statement.
Some on social media are noting that the restaurant was never a Michelin-starred establishment.
However, many others are already mourning the potential closure as yet another piece of our innocence COVID-19 has stolen from us.
At least we have the memories and disposable camera photos, and Michael Scott from The Office won’t have to go there anymore.