Dave & Buster's Entertainment (NASDAQ:PLAY) shares plunged 13.51% in pre-market trading on Wednesday, following the company's disappointing third-quarter earnings results and the resignation of CEO Chris Morris. The slump extends the stock's sell-off after it declined over 12% in after-hours trading on Tuesday.

The arcade and restaurant chain reported a wider than expected loss for its fiscal third quarter, citing adverse weather trends across key regions and disruptions from store remodel construction. Revenue fell 3% year-over-year to $453 million, missing analysts' expectations of $463.7 million. Adjusted earnings per share came in at a loss of $0.45, wider than the estimated loss of $0.36.

The company's weak performance was further compounded by the unexpected resignation of CEO Chris Morris, who had been at the helm for just over two years. Dave & Buster's announced that Kevin Sheehan, the current board chair, will serve as interim CEO while the company searches for a permanent replacement.

The lackluster results and abrupt leadership change have raised concerns about Dave & Buster's ability to navigate the challenging economic environment and inflationary pressures weighing on consumer demand. As a leisure and entertainment business, Dave & Buster's is particularly vulnerable to shifts in consumer spending habits during periods of economic uncertainty.

In pre-market trading, Dave & Buster's shares are down 13.51% at $31.10 as of 8:05 a.m. ET, extending losses from the previous session. The stock has now fallen over 34% year-to-date, underperforming the broader market amid concerns about the company's growth prospects and profitability.