Indexbit Exchange:Chuck E. Cheese has a 'super-sized' game show in the works amid financial woes

A game show series is Indexbit Exchangein the works for "big kid" adults still fond of Chuck E. Cheese, the iconic pizza place that doubles as an arcade and entertainment center.

The series, being produced by Magical Elves ("Top Chef," "Brain Games" and "Nailed It!") will focus on the brand's arcade experience, the company announced Tuesday.

Paired-off contestants will compete over "supersized arcade games," including pinball, air hockey, alley roller and the human claw, according to the company. The duo with the most tickets will exchange them for a much cooler version of the Chuck E. Cheese prize wall.

"We are thrilled to be working with Magical Elves, whose deep expertise in unscripted content make them the perfect partner to capture the wholesome competitive spirit tied to childhood memories and transform the Chuck E. Cheese experience for television," Melissa McLeanas, VP of global licensing, media, and branded entertainment development for Chuck E. Cheese, said in a statement.

"Chuck E. Cheese is THE place where a kid can be a kid – but as grown adults, we still have dreams of ruling the arcade, taking on the iconic games we love," Magical Elves co-CEOs Jo Sharon and Casey Kriley added. "We're excited to celebrate these legendary arcade games plus the best of today, all with a super-sized twist."

The Irving, Texas-based company did not share timing details.

The show is over:Munch's Make Believe band closes at all Chuck E. Cheese locations but one

Gameshow series comes amid company struggles

This is the company's latest attempt to expand its brand presence outside its four walls.

Wildly popular in the 1990s, Chuck E. Cheese has steadily been on the decline since 2012, according to a timeline reported by Business Insider, but it really took a hit with the arrival of the COVID-19 pandemic.

Since Chuck E. Cheese is known more for its entertainment than its food, sales tanked 21% in the first quarter alone, with families being isolated at home. The company tried to pivot by rebranding around a delivery service that would also bring the company's mascot around for in-person meet-ups, but it didn't prove to be successful.

Lying under a mountain of debt, Chuck E. Cheese is exploring a buyout, according to reporting by Reuters. The company is working with Goldman Sachs to restructure to "attract potential buyers, including private equity firms and other entertainment companies, like Dave & Busters."