Chuck E. Cheese's Hires Michael Beacham to Lead the Company's Growing Presence across the Globe
IRVING, Texas, (BUSINESS WIRE) -- CEC Entertainment, Inc. (NYSE: CEC) today announced the appointment of Michael Beacham as Senior Vice President-Chief Operating Officer of International Development. Beacham is responsible for directing the company's growth internationally as well as managing its domestic franchise growth. Currently CEC Entertainment operates company-owned stores in Canada, as well as franchise-owned stores in Latin America, Puerto Rico, Saudi Arabia and Dubai.
Beacham joins CEC Entertainment from TGI Friday's where he was Vice President of International Development, responsible for international corporate and franchise sales and development. At TGI Friday's, Beacham managed a franchise network totaling approximately 340 stores that stretched to more than 60 countries in all regions of the world.
"Michael's extensive background in international development will be a tremendous asset to our team in furthering our development of Chuck E. Cheese's globally," said Mike Magusiak, President and Chief Executive Officer. "I believe we have a long-term opportunity to expand internationally. We are the nation's leader in family entertainment and dining and believe our concept provides an attractive business opportunity for international owners providing outstanding operating margins and return on investment. I think that fun is universal and that families around the world will enjoy celebrating at Chuck E. Cheese's," added Magusiak.
"I am excited about the opportunity to be part of the industry leader in the family restaurant and entertainment segment, and introducing this fun and exciting concept to families around the world," said Beacham. "Based on my extensive international experience, I'm ready to introduce this tremendous opportunity and expand globally with quality partners."
Certain statements in this press release, other than historical information, may be considered forward-looking statements, within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, and are subject to various risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may differ from those anticipated, estimated or expected. Among the key factors that may have a direct bearing on the Company's operating results, performance or financial condition are its ability to implement its growth strategies; national, regional and local economic conditions affecting the entertainment/dining industry; consumers' health, nutrition and dietary preferences; competition within each of the restaurant and entertainment industries; ability to retain key personnel; success of its franchise operations; negative publicity; disruption of its commodity distribution system; ability to protect its trademarks and other proprietary rights; health epidemics or pandemics; acts of God; terrorists acts; litigation; product liability claims and product recalls; demographic trends; fluctuations in quarterly results of operations, including seasonality; government regulations; weather; school holidays; and increased commodity, utility, insurance, advertising and labor costs.
Celebrating more than 30 years of success as a place Where a Kid can be a Kid (R), CEC Entertainment, Inc. is a nationally recognized leader in full-service family entertainment and dining. The company's stores feature musical and comic entertainment by robotic and animated characters, games, rides and arcade-style activities intended to appeal to families with children between the ages of two and 12. The company and its franchisees operate a system of 540 Chuck E. Cheese's stores located throughout the United States (excluding Wyoming and Vermont), Canada and abroad. Currently, 494 locations in the United States and Canada are owned and operated by the company. For more information, visit the company's website: www.chuckecheese.com
SOURCE: CEC Entertainment, Inc.