News

California family fun center files for bankruptcy protection

April 22, 2020

Apex Parks Group Llc. in Irvine, California has filed for Chapter 11 bankruptcy in Delaware, according to a press release. The company said it is seeking a financial restructuring of its debt and plans to enter a "stalking horse" purchase agreement with lenders to sell all of its assets.

"The actions we are taking today will better help position the company for the future and enable us to continue serving our guests, team members and other business partners in the years ahead," John Fitzgerald, CEO, said in the press release.

He said the company has faced increased competition and industry consolidation, extensive expenditures and a seasonal business nature.

The bankruptcy will not affect the company's 10 family entertainment centers and two water parks in California, Florida and New Jersey, the release said.

The company has temporarily closed all locations in accordance with government mandates and CDC guidelines to protect guests and employees in response to the COVID-19 pandemic.