Chuck E. Cheese had a few reasons to feel optimistic in the early weeks of 2020.
First, the family entertainment and restaurant chain had a new leader in David McKillips, who joined parent company CEC Entertainment as CEO that January after spending more than a decade at Six Flags.
Second, sales were improving. CEC Entertainment, which also owns Peter Piper Pizza, reported $912.9 million in revenue for 2019, up from $896.1 million in 2018 and $886.8 million in 2017.
During a March 2020 earnings call with analysts, CFO James Howell described the company’s 2019 performance as “solid.”
Then,
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