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Chuck E. Cheese's parent company has reportedly exited bankruptcy after completing a financial restructuring and paying off $705 million in debt.
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CEC Entertainment filed for bankruptcy in June 2020, citing challenges created by the coronavirus pandemic and related shutdowns. However, the tide seems to have turned just before the new year. On Dec. 30, CEC Entertainment announced that it had reorganized its finances, paid off hundreds of millions in debt and installed a new leadership board under new ownership, Nation’s Restaurant News reports.
The company now reportedly also has $100 million of liquidity to support operations and growth.