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Chuck E. Cheese Approaches Bankruptcy, Could Have to Close All Stores

The popular children’s restaurant is nearly $1 billion in debt, the Wall Street Journal reported.

After months of keeping their doors shut amid the coronavirus pandemic, popular kid’s restaurant Chuck E. Cheese may not ever reopen.

The brand behind the food-and-games establishment, CEC Entertainment, is nearly $1 billion in debt and is trying to approach lenders for a $200 million loan to keep the business afloat, according to the Wall Steet Journal.

On Friday, the brand announced it would be offering its top executives retention bonuses with the hopes that they would stay on in trying times.

CEC said it would pay nearly $3 million total to three executives, including $1.3 million to CEO David McKillips, the Securities and Exchange Commission filing showed.

You can read more from our friends at People.com

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