NEW YORK (S&P Global Ratings) July 29, 2020—S&P Global Ratings said today that Bowlero Corp.'s financial and operating risks remain elevated over the coming months because of regional increases in COVID-19 cases in the U.S. We understand the company generated very little revenue in its fourth quarter ending in June 2020 because of mandatory center closures. Currently, Bowlero has approximately two thirds of its 293 centers open, and centers that have reopened have generated revenue below the same period in the prior year. We believe revenue ramped up gradually in the weeks after reopening. We believe the company burned cash while centers remained closed and will likely continue burning cash but at a lower rate for the next few months
