Yahoo Finance’s Heidi Chung joins Zack Guzman to discuss how the coronavirus is disrupting restaurants.
The probability that U.S. restaurants will default has soared in recent weeks as a result of the devastating COVID-19 pandemic, according to S&P Global Market Intelligence.
For those who didn't watch or listen, CorpGov welcomes you to read the following interviews, adapted from our April Webinar: Best Corporate Governance Practices During the Coronavirus Crisis and Beyond, sponsored by Vinson & Elkins LLP, downloadable free at CorpGov Premium. We discussed a range of topics related to corporate governance including recent activist investor […]
Dave & Buster's Entertainment says the Jefferies investment will help bolster its balance sheet.
Dave & Buster's stock moved 2% lower Tuesday but is showing signs of stabilization after a KKR managing director joined its board.
Hedge funds don't get the respect they used to get. Nowadays investors prefer passive funds over actively managed funds. One thing they don't realize is that 100% of the passive funds didn't see the coronavirus recession coming, but a lot of hedge funds did. Even we published an article near the end of February and […]
A secondary stock offering sparked further liquidity concerns about the "eatertainment" chain.
As earnings season gets fully underway, stocks are tumbling. Restaurants in particular are taking a beating as investors lose confidence in a quick recovery.
Dave & Buster’s Entertainment, Inc. (PLAY) (the “Company”), an owner and operator of entertainment and dining venues, today announced that Jefferies LLC (“Jefferies”) has agreed to purchase $100,000,000 of the Company’s common stock (the “Shares”), to be reoffered by Jefferies at variable prices. In addition, the Company has granted Jefferies an option, exercisable for up to 30 days, to purchase up to an aggregate of an additional $15,000,000 of shares of common stock. The Company currently intends to use the net proceeds from this offering primarily to strengthen its balance sheet, principally as necessitated by the effects of the COVID-19 outbreak on its business, which could include use for general corporate purposes and/or repayment of outstanding debt.
Dave & Buster's Entertainment Inc. said Monday that Jefferies LLC has agreed to purchase $100 million of its stock. The company will use the proceeds of the deal to bolster its balance sheet, as needed during the coronavirus pandemic which has shuttered its outlets, including using it for general corporate purposes or to repay debt. The operator of restaurants centered around game playing and sports said it has granted Jefferies an option to purchase an additional 15 million shares. The stock was down 10% premarket and has fallen 67% in the year to date, while the S&P 500 has fallen 12%.
Restaurant operator Dave & Buster's Entertainment (NASDAQ: PLAY) soared 19% on Wednesday as its stock got caught up in the euphoria surrounding businesses reopening around the country. The entertainment-themed eatery did not have restaurants open during the shutdown, as many of its casual dining rivals did, since it did not have a takeout business in place. Dave & Buster's was already in trouble before the COVID-19 pandemic hit, with CEO Brian Jenkins telling analysts, "Currently, our dining rooms are the least-visited space in our four walls."
Comments from the Fed chairman certainly didn't remove the doom and gloom surrounding the restaurant industry.
Dave & Buster’s Entertainment, Inc. (PLAY) (the “Company”), an owner and operator of entertainment and dining venues, announced today that, in connection with its previously announced sale of 9,578,545 shares of its common stock (the “Offering”) to Jefferies LLC (“Jefferies”) pursuant to an underwriting agreement entered into between the Company and Jefferies on May 4, 2020 (the “Underwriting Agreement”), Jefferies has exercised its over-allotment option granted pursuant to the Underwriting Agreement in part to purchase an additional 1,014,871 shares at a price of $10.44 per share. The issuance of the additional shares is expected to occur on May 20, 2020 at which time the Company will have received gross proceeds of approximately $110.6 million for the Offering to date, including approximately $10.6 million from the over-allotment exercise, prior to deducting offering expenses payable by the Company.
Dave & Buster’s Entertainment, Inc. (PLAY) (the “Company”), an owner and operator of entertainment and dining venues, announced today the closing of its previously announced sale of shares of its common stock (the “Offering”) to Jefferies LLC (“Jefferies”), pursuant to an underwriting agreement entered into between the Company and Jefferies on May 4, 2020. The Company sold a total of 9,578,545 shares, at a price of $10.44 per share. The Offering was completed on May 6, 2020, and total proceeds from the Offering received by the Company are approximately $100 million, before deducting offering expenses payable by the Company.
Beleaguered Dave & Buster's Entertainment (NASDAQ: PLAY) stock has dropped over 70% year to date, down in the dumps and seemingly banished there for good as the entertainment venue, sports bar, and restaurant concept remains temporarily closed. The lockdowns intended to slow the spread of the COVID-19 pandemic have brought on financial ruin for many businesses in the restaurant and entertainment industries, but as I discussed last month, D&B was especially at risk with a rising burden of debt, dwindling cash, and profit margins headed in the wrong direction leading up to the crisis. The economy is beginning to open back up, which could mean D&B may be able to start generating some revenue again.
Dave & Buster’s Entertainment, Inc. (PLAY) (the “Company”), an owner and operator of entertainment and dining venues, today announced that John C. Hockin has been appointed to the Company’s Board of Directors, effective May 8, 2020. Mr. Hockin is a Managing Director at KKR, a leading investment firm with significant holdings in both private and public equities. With this appointment, the Company is temporarily expanding the size of its Board to 10 members.
A lot of stocks have more than doubled in recent weeks, and a few of them will probably surprise you.
Franchisees of the most recognized names in accommodation are turning to the Federal Reserve for help, as concerns mount over being able to meet commercial mortgage payments.
The restaurant and gaming chain announced on Monday that it has struck a deal to sell over $100 million worth of its stock in exchange for a capital infusion. Dave & Buster's stores have been closed since March due to the COVID-19 pandemic, and management has already announced plans to push cash outflow to less than $50 million per week during the shutdown. The share offering pressured the stock early on Monday, reflecting the diluted earnings outlook and the relatively low price of the stock sales.
When this accounting term pops up, pay attention. Bankruptcy might be close behind.