The FEC and amusement park operator Apex Parks Group filed for bankruptcy recently, and announced it is “pursuing a comprehensive financial restructuring aimed at reducing the company’s current debt.” The goal is to ultimately enhance operations “to continue to serve guests and communities for years to come.”
Apex owns FECs and water parks in California, Florida and New Jersey, including Big Kahuna’s Water Park, Sahara Sam’s Oasis, SpeedZone and a chain of Boomers locations.
“The actions we are taking today will help better position the company for the future and enable us to continue serving our guests, team members and other business partners in the years ahead,” said Apex CEO John Fitzgerald. “Apex has faced a number of challenges in recent years, including increased industry competition and consolidation, extensive operational expenditures and the seasonal nature of the business. To address these challenges, we have implemented numerous operational initiatives to increase profitability; however, despite these efforts and the hard work of our team members, continuing market headwinds and operational challenges have prevented us from meaningfully improving financial performance. After an exhaustive examination of all options, we’ve determined that a sale of the company through the Chapter 11 process is the best path forward.”
Learn more about the company at www.apexparksgroup.com.
