{"id":69153,"date":"2020-09-16T15:09:45","date_gmt":"2020-09-16T12:09:45","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/chuck-e-cheese-wants-to-destroy-7-billion-prize-tickets-amid-bankruptcy\/"},"modified":"2020-09-16T15:09:45","modified_gmt":"2020-09-16T12:09:45","slug":"chuck-e-cheese-wants-to-destroy-7-billion-prize-tickets-amid-bankruptcy","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/chuck-e-cheese-wants-to-destroy-7-billion-prize-tickets-amid-bankruptcy\/","title":{"rendered":"#Chuck E. Cheese wants to destroy 7 billion prize tickets amid bankruptcy"},"content":{"rendered":"

“#Chuck E. Cheese wants to destroy 7 billion prize tickets amid bankruptcy<\/strong>”
\n<\/p>\n

\n The ultimate Chuck E. Cheese motherlode could be headed for the shredder.<\/p>\n

The kid-friendly arcade\u2019s parent company wants to destroy about 7 billion prize tickets that have piled up in its supply chain so they don\u2019t fall into the hands of greedy game<\/a>rs.<\/p>\n

The company, CEC Entertainment, says its need for the tickets \u2014 which players win from games and exchange for prizes \u2014 diminished as the coronavirus pandemic tanked its sales and temporarily closed its arcades.<\/p>\n

The massive stockpile could be traded in for about $9 million worth of prize merchandise \u2014 or $0.0013 per ticket \u2014 if they were abandoned and snapp<\/a>ed up by potential customers, according to the company.<\/p>\n

\u201cSince prize tickets are redeemable by guests at significantly higher value than the cost of prize tickets, the debtors instead need to arrange for the destruction of the remaining stock of prize tickets in the supply chain to mitigate any risk of these tickets being circulated to the general<\/a> public,\u201d James A. Howell, CEC\u2019s chief financial officer, said in a Monday court filing.<\/p>\n

The industry\u2019s \u201crapid move toward contactless service\u201d amid the COVID-19 pandemic accelerated CEC\u2019s efforts to phase out the paper tickets, along with the \u201cmuncher\u201d machines that count them, in favor of electronic tickets, the company said.<\/p>\n

But CEC had placed orders for tickets based on how many it had needed before the virus hit, causing \u201cenough tickets to fill approximately 65 40-foot cargo shipping containers\u201d to build up in the supply chain, according to the filing.<\/p>\n

CEC asked a Texas bankruptcy court to approve settlements allowing three of its vendors to scrap the excess tickets at a cost of about $2.3 million, roughly $1 million less than the cost of circulating them.<\/p>\n

The company also got assurances through its negotiations with vendors that the tickets would not be circulated to the general public, according to the court filing.<\/p>\n

But there are still more tickets at CEC\u2019s \u201cvarious venues and held in storage or at other locations that will also need to be destroyed,\u201d the company said.<\/p>\n

CEC Entertainment\u00a0filed for bankruptcy in June, saying it planned to restructure its debt-heavy balance sheet through talks with financial stakeholders and landlords as it plotted a recovery from the COVID-19 crisis.<\/p>\n

The Texas-based company has more than 600 Chuck E. Cheese locations and more than 120 Peter Piper Pizza restaurants, including franchises, across 47 states and 16 foreign countries and territories.\n <\/p><\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#Chuck E. Cheese wants to destroy 7 billion prize tickets amid bankruptcy” The ultimate Chuck E. Cheese motherlode could be headed for the shredder. The kid-friendly arcade\u2019s parent company wants to destroy about 7 billion prize tickets that have piled up in its supply chain so they don\u2019t fall into the hands of greedy gamers….<\/p>\n","protected":false},"author":1,"featured_media":69154,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2020\/09\/chuck-e-heese.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[70230,4978,70775,1545],"class_list":["post-69153","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-9-16-20","tag-bankruptcy","tag-chuck-e-cheese","tag-coronavirus"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/69153","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=69153"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/69153\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/69154"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=69153"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=69153"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=69153"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}