Chilean Development Firm to Open Eight Chuck E. Cheese's
NVERSIONES LAS DOCAS, S.A. has agreed to develop eight Chuck E. Cheese's restaurants in Chile as franchises of CEC Entertainment, Inc., Chuck E. Cheese's parent company. The company has been operating one Chuck E. Cheese's in Santiago since 1994. The new restaurants will be opened over the next seven years.
"We are very happy and proud that CEC Entertainment, Inc. has chosen Inversiones Las Docas S.A. to develop the brand and the concept in Chile. We know that there is a tremendous opportunity to expand the brand not only in Santiago but throughout the country. Families appreciate and love the CEC concept as demonstrated by their support during the last 15 years. With our knowledge of the local market and the support and experience of CEC Entertainment, we are confident we can reach the top of the family entertainment industry in Chile as we open eight new stores over the next seven years," said Pilar Zabala, president of Inversiones Las Docas.
"Pilar Zabala, president of Inversiones Las Docas has an outstanding team of people and a strong business plan to develop Chuck E. Cheese's in Chile," said Mike Magusiak, President and Chief Executive Officer. "Mark Gordon, our Senior Vice President and International Chief Operational Officer and I recently traveled to Santiago to support our franchise partner and we are both very optimistic of the development opportunities in Chile," added Magusiak.
"We are proud to develop Chuck E. Cheese's in Chile with such a high quality partner. We feel Inversiones Las Docas will be a tremendous asset to our team in furthering our development of Chuck E. Cheese's globally," said Magusiak.
"International development provides us with a significant long-term growth opportunity because of the strength of the brand and its earnings model," said Magusiak in releasing the company's quarterly earnings last week. CEC currently operates in six foreign countries or territories.
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