Many of us may have to say goodbye to some of our fondest childhood memories forever, as Chuck E. Cheese struggles to stay afloat amid the Coronavirus pandemic.
After months of keeping their doors closed due to COVID-19, the popular food-and-games establishment is almost $1 Billion in debt and asking lenders for a $200 million loan, reports the Wall Street Journal.
When coronavirus hit the country hard, back in March, the brand closed its 610 locations in 47 states and laid off 17,000 employees. In an attempt to make money during the crisis, they rebranded themselves on food delivery apps as Pasqually’s Pizza and Wings, an ode to one of the Chuck E. Cheese band members.
In April, store executives said they were considering refinancing, bankruptcy, and restructuring after the entire restaurant industry experienced astronomical losses. According to PEOPLE, other restaurant chains such as Ruby Tuesday, Denny’s, IHOP, and TGI Friday’s, have also had to permanently close many of their locations.
Yatta!