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Bankrupt Chuck E. Cheese moves to destroy 7 billion prize tickets
Coronavirus closures hit Chuck E. Cheese hard
Indoor arcades and play zones, like Chuck E. Cheese, may go out of business as coronavirus fears push demand down. FOX Business’ Grady Trimble with more.
Charles the mouse mascot probably isn’t too happy about this.
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Management for the bankrupt Chuck E. Cheese hopes to destroy 7 billion prize tickets that have accumulated in its supply chain during the coronavirus pandemic.
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Parent company CEC Entertainment Inc. filed for Chapter 11 bankruptcy in June, and asked a bankruptcy court in Texas for permission to spend about $2.3 million for three vendors to shred the vouchers on Monday, Bloomberg Law reports.
According to The New York Post, this serious stash of vouchers – valued at $0.0013 per ticket – is worth about $9 million in merchandise at the kid-friendly restaurant and arcade, or enough to fill 65 cargo shipping containers.