BREAKING NEWS: Party City files for bankruptcy as inflation dampens sales
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 company has secured a commitment for $150 million in debtor-in-possession financing. It said the financing, which is subject to court approval, would provide ample cash to continue operations. Party City had net debt of $1.75 billion as of Sept. 30 and cash of just $29.8 million. The company used $286.4 million of net cash for operations in the first nine months of 2022, compared to $73.6 million in the prior year period. The increase was primarily attributable to increased inventory purchases and higher freight and raw materials costs.
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