The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
Bloomberg
CEC Entertainment Inc, the parent of Chuck E Cheese and Peter Piper Pizza, filed for bankruptcy protection after the coronavirus pandemic shuttered its locations and kept families at home.
The filing in the Southern District of Texas US Bankruptcy Court makes CEC the latest in a string of companies upended by Covid-19. Lockdowns have drained revenue, keeping consumers at home and pushing corporations past the brink of bankruptcy.
CEC, acquired by private equity firm Apollo Global Management Inc in a 2014 leveraged buyout, has more than 600 Chuck E Cheese outlets and over 120 Peter Piper Pizza venues.
Entertainment and leisure have been among industries hardest hit by state and federal guidelines to stay at home.