CEC Leisure, the guardian of Chuck E. Cheese and Peter Piper Pizza, filed for monetary catastrophe safety after the coronavirus pandemic shuttered its locations and saved households at dwelling.
The filing within the Southern District of Texas U.S. Financial destroy Court makes CEC the most fresh in a string of corporations upended by Covid-19. Lockdowns include drained earnings, preserving buyers at dwelling and pushing corporations previous the brink of monetary catastrophe.
CEC, got by non-public fairness firm Apollo Global Administration Inc. in a 2014 leveraged buyout, has extra than 600 Chuck E. Cheese retail outlets and over 120 Peter Piper Pizza venues.
Leisure and leisure had been amongst industries hardest hit by train and federal pointers to remain at dwelling. Even supposing restrictions are starting up to ease, it’s unclear how many buyers are ready to reach to family entertainment destinations.
Irving, Texas-based mostly CEC became first and well-known incorporated below the title ShowBiz Pizza Quandary Inc. The firm modified its title in 1998 to CEC Leisure and as of late its franchisees operate venues with locations in 47 states and 16 international countries and territories, in accordance with its web region.
A opinion to plan terminate CEC’s guardian firm Queso Holdings Inc. public via a merger with shell firm Leo Holdings Corp. became abandoned final yr — a deal that can include valued the firm at about $1.4 billion.
–With the abet of Ken McCallum.
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