The rat’s Dad – that is, Chuck E. Cheese’s parent company CEC Entertainment – said today, June 25, that it was filing for Chapter 11 bankruptcy protection, citing the “financial strain” of COVID-caused mass restaurant closures.
CBS News reported the company’s plans to continue operating many of their locations, including the Peter Piper Pizza chain, as it “reorganizes under the oversight of a federal bankruptcy court.”
“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 and get back to the business of delivering memories, entertainment and pizzas for another 40 years and beyond,” said David McKillips, the chief executive of CEC.
CEC noted it had reopened 266 company-operated locations as of June 24, about half of its 555 corporate restaurants. There are an additional 186 franchise-owned locations that operate under separate legal and financial structures and aren’t included in the bankruptcy.