One of a child’s favorite memories is playing at the famous Chuck E. Cheese. They make for the best birthday location or any kid party in general. However, we just got the news that Chuck E. Cheese might be closing down all their locations.
Possible Chuck E. Cheese Closing
If you have never been to Chuck E. Cheese, you are missing out. It has games, playgrounds, and other fun activities for your kids to enjoy and play at. Of course, they also have their famous pizza as well. It is the perfect location for any birthday party!
Chuck E. Cheese was actually started in Texas. They now have 610 locations in 47 states. Back in April, they knew they had to make some changes. They said that they want to consider refinancing, bankruptcy, and restructuring because of this terrible pandemic.
So, they started offering take out orders, but that wasn’t enough to keep them afloat and will result in Chuck E. Cheese closing.
In Major Debt
The Wall Street Journal recently reported that Chuck E. Cheese is $1 billion in debt. With the pandemic, it shut down their locations, and now they may never open up again.
CEC Entertainment is the brand that runs Chuck E. Cheese. They are currently trying to secure a $200 million loan to help their locations to reopen.
They are even offering the top executives retention bonuses in hopes that this company will not shut down. CEC Entertainment stated that they would pay 3 executives $3 million dollars and $1.3 million to CEO David McKillips.
Chuck E. Cheese is such a fun place for any child to enjoy. Many people will cross the country to simply go and feel the excitement that Chuck E. Cheese offers.
We hope they will be able to work through this and come out on top. It would be so horrible to see Chuck E. Cheese closing down all their locations.
Even if some things have to change, hopefully, Chuck E. Cheese will be able to remain open and in business!