The prognosis for Dave & Buster’s Entertainment Inc., an entertainment hub chain offering food, drink and arcade games, looked increasingly dire this week as the coronavirus economy took a massive share of income and that the company was seeking to lay off hundreds of workers. .
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The company warned on Wednesday that it may have to file for bankruptcy if it cannot strike a deal with its lenders amid the coronavirus pressure on the industry, the the Wall Street newspaper reported.
CORONAVIRUS-STRICKEN US COMPANIES POP ‘POISON PILLS’
This is after Dave & Buster’s second-quarter revenue fell 85% this year from last, the company said last Friday – from $ 344.6 million in 2019 to just $ 50. , $ 8 million.
In the first quarter, revenue was down to $ 159.8 million in 2020, from $ 363.6 million last year.
The chain also plans to lay off more than 1,300 employees in seven states, Online catering business, a trade publication, reported Wednesday. D&B will attempt to rehire workers from this pool once it is cleared to expand its reopening.
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The company has a short-term debt relief deal with its lenders until Nov. 1, according to the WSJ report, but if that is not extended, the chain warns it may have to file for bankruptcy.
The parent company of Chuck E. Cheese, a similar entertainment company that markets to children rather than people above the age of 21, has already filed for bankruptcy due to industry pressures from the coronavirus, according to The report. The same goes for Apex Parks Group LLC, an amusement park company.
With many D&B sites closed for months due to COVID-19 shutdowns and health precautions, the company said it had reopened 89 of its 137 stores as of September 9. They operated with reduced hours and capacity limits adapted to the local rules governing each installation.
Each property also offers an abbreviated food and beverage menu and has additional cleaning procedures in place.
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