Daily Archive: June 25, 2020

Chuck E. Cheese parent files for Chapter 11 bankruptcy amid coronavirus crisis By Reuters


(Reuters) – Restaurant chain Chuck E. Cheese parent CEC Entertainment Inc () said on Thursday the company and its domestic affiliates have filed for Chapter 11 bankruptcy as a result of the ongoing coronavirus crisis.

The company said it wants to use the process to continue talks with its stakeholders and landlords to restructure its balance sheet.

The statement, which described the current crisis as the “most challenging” in the company’s history, did not give any financial details.

Irving, Texas-based CEC was taken private by Apollo Global Management (N:) in 2014 for $1.3 billion, including debt.

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Stocks fall the most in 2 weeks on resurgence in virus cases and Trump tariff threat

NEW YORK — Wall Street’s three major indexes suffered their biggest daily percentage drop in almost two weeks on Wednesday as a surge in U.S. coronavirus cases intensified fears of another round of government lockdowns and worsening economic damage.

The United States has recorded the second-largest rise in infections since the health crisis began, with a flare-up of cases in states where restrictions meant to contain the disease were lifted early.

Highlighting the seriousness of the resurgence in cases for many investors, the governors of New York, New Jersey and Connecticut announced that visitors from states with high coronavirus infection rates must self-quarantine for 14 days on arrival.

“Today was finally the day markets came to terms with the fact that increasing COVID-19 cases could mean a slower recovery in the economy,” said Art Hogan, chief market strategist at National Securities in New York.

Shares of U.S. airlines, resorts and

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AOC deftly deployed digital spending to trounce Wall Street–backed rival

So far, Rep. Alexandria Ocasio-Cortez (D-N.Y.) is passing her first reelection campaign with flying colors.

The woman they call AOC trounced her challengers in yesterday’s New York congressional primary elections, winning more than 70% of the vote in securing the Democratic nomination for the state’s 14th congressional district (representing parts of the east Bronx and northwest Queens).

The 30-year-old Ocasio-Cortez, whose youth and progressive politics have made her a rising star in the Democratic Party, defeated a notable challenge from former CNBC anchor Michelle Caruso-Cabrera, who positioned herself as a moderate, pro-business alternative to the incumbent.

But Caruso-Cabrera could only muster less than 20% of the vote, despite reportedly turning to Wall Street heavyweights like Goldman Sachs CEO David Solomon and Blackstone CEO Stephen Schwarzman for fundraising.

Still, as the New York Times notes, Caruso-Cabrera’s $2 million war chest was no match for Ocasio-Cortez, who has raised more than Read More