Chuck E. Cheese says it has no money, unless it comes to giving bonuses to executives.
“CEC Entertainment, the struggling parent company of the Chuck E. Cheese eatertainment chain, is handing out retention bonuses to its top executives, according to a recent Securities and Exchange Commission filing.
The move comes as Irving, Texas-based Chuck E. Cheese is looking to raise money to avoid filing for bankruptcy, according to a report in the Wall Street Journal. The chain shut all of its 610 units in 47 states amid the pandemic.
Under the company’s Key Employee Retention Program, CEO David McKillips will receive $1.3 million, President J. Roger Cardinale will get $900,000; and James Howell, executive vice president and CFO, will be awarded $675,000 if they stay in their current roles through the earlier of either 12 months or 30 days following a restructuring.
A total of 28 CEC Entertainment employees are eligible for the retention bonus, according to the filing.”
For the rest of the story, visit Restaurant Business Online here.