The Wall Street Journal reported that Chuck E. Cheese is nearly $1 billion in debt. $1 billion y’all! Like many other businesses, the pandemic kept them closed for regular business. If they never reopen again so many kiddos are going to be heartbroken.
According to the Wall Street Journal, CEC Entertainment is the brand that runs Chuck E. Cheese. They are currently trying to secure a $200 million dollar loan to help keep Chuck E. Cheese open.
Right now they are offering the top executives retention bonuses hoping that they will stay on. CEC said it would pay 3 executives nearly $3 million including $1.3 million to CEO David McKillips.
Chuck E. Cheese is a Texas-based restaurant and currently operates 610 locations in 47 states. Back in April, they had said they were considering refinancing, bankruptcy, and restructuring because of the strain caused by the pandemic.
They have been offering take out orders during these closures, but it just wasn’t enough.
My heart hurts for many right now. So many people without jobs these last few months and now the jobs may no longer be there for them to come back to ever again.
I’m also sad for the children that love Chuck E. Cheese so much! We have had a few birthday parties there in the past and it was always a fun time.
I even know a kid that has taken Chuck E. Cheese road trips across the country with his family several times. I don’t know why I called him a kid, he is grown now and it is still something they do.
I hope they can pull themselves up and out of this. Like so many other businesses, it’s going to be a hard road back for many. I really do hope that life can get back to normal sooner rather than later for every single one of us.