The company, based in Woodcliff Lake, New Jersey, said that its franchise stores, subsidiaries outside of the U.S. and its foil balloons Anagram business are not part of the restructuring and will remain core components of its business.
The chain is planning an expedited restructuring that it said would substantially lower its debt and free up cash. "Party City used to be one of the best games in town, but it is now something of an also-ran operation," said Neil Saunders, managing director of GlobalData Retail. "There is likely still something of a role for Party City, but the company needs to financially restructure and to rethink its approach."
In November, Party City reported its quarterly losses widened, reflecting a 3.2% drop in comparable store sales. Overall sales were within expectations, but at the lower end.
Wow. I'm shocked
Join the party. Lol
We all in to make the stock prices skyrocket like we did with GameStop? 🧐
There's nothing to party about with Biden as President! People are finding that out the hard way! 😂
What'll happen to its spinoff seasonal stores such as Halloween City?
Again?
Lemme go stock up some Halloween costumes for 50% off now
Shit be overpriced
SpiritHalloween right now.
DollarTree wins again!
Time for a pity party.
Rebrand - Turn into a smoke shop 😎
Look who opens up as well while others frozen in this belief
Richzeoli “That pressure has intensified in an era of rising prices, including for helium used in party balloons,” Do we owe somebody an apology?
Party’s over
'Pullback in consumer spending' is a funny way to say 'Nobody's really had anything to celebrate (or was allowed to) for the past two years'.
Oh no!!!
They should sell weed
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Party City files for Chapter 11 with $150 million DIP loan from bondholdersParty City Holdco Inc. filed for Chapter 11 bankruptcy protection late Tuesday in the U.S. Bankruptcy Court for the Southern District of Texas, according to... Do you think Party City will turn into Spirit Halloween? 🤓 TrungTPhan
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Party City files for bankruptcy | CNN BusinessThe largest party goods and Halloween specialty retail chain in the United States filed for bankruptcy protection after years of losses and weak sales. I feel bad for the employee. *Singular on purpose. Who is partying in Biden’s america?
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Party City files for bankruptcy as inflation dampens salesParty City has filed for Chapter 11 bankruptcy protection as persisting inflations dampens sales. It marks the latest in a line of companies that are facing similar struggles. Never heard of these. Could that be a reason? Filed for Chapter 11. 😴 Thank Biden
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