Thursday, September 17, 2020 3:39:28 PM
PLAY
high 17.37 Low 13.01 on Chatter
Market Chatter: Dave & Buster's May File for Bankruptcy, to Lay Off 1,300 Employees; Shares Fall 21%
12:21 PM ET, 09/17/2020 - MT Newswires
12:21 PM EDT, 09/17/2020 (MT Newswires) -- Dave & Buster's Entertainment (PLAY) warned it may need to file for Chapter 11 bankruptcy due to the ongoing COVID-19 pandemic if it cannot reach a deal with its lenders, The Wall Street Journal reported.
The company reached a short-term debt-relief deal with lenders until Nov. 1, but it may have to file for bankruptcy if it is not extended, according to the report.
Meanwhile, the company is also planning to lay off more than 1,300 furloughed employees across seven states, trade publication Restaurant Business reported, citing WARN notices filed in recent days.
Dave & Buster's did not respond to a request for comment on the layoffs, the publication said. The layoffs will become effective Nov. 8.
Shares of the company declined 21% around midday Thursday.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
Support1: 13.01 Support2: 10.82
high 17.37 Low 13.01 on Chatter
Market Chatter: Dave & Buster's May File for Bankruptcy, to Lay Off 1,300 Employees; Shares Fall 21%
12:21 PM ET, 09/17/2020 - MT Newswires
12:21 PM EDT, 09/17/2020 (MT Newswires) -- Dave & Buster's Entertainment (PLAY) warned it may need to file for Chapter 11 bankruptcy due to the ongoing COVID-19 pandemic if it cannot reach a deal with its lenders, The Wall Street Journal reported.
The company reached a short-term debt-relief deal with lenders until Nov. 1, but it may have to file for bankruptcy if it is not extended, according to the report.
Meanwhile, the company is also planning to lay off more than 1,300 furloughed employees across seven states, trade publication Restaurant Business reported, citing WARN notices filed in recent days.
Dave & Buster's did not respond to a request for comment on the layoffs, the publication said. The layoffs will become effective Nov. 8.
Shares of the company declined 21% around midday Thursday.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
Support1: 13.01 Support2: 10.82
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