Inflation, reduced consumer spending and mounting competition has dented the retailer's growth.
Party City has filed for Chapter 11 bankruptcy protection after struggling with rising prices and a pullback in customer spending.
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.For years, Party City has faced growing competition from Walmart and Target and increasingly from occasion-based pop-up stores such as Spirit Halloween.
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
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.
Les mer »
STOCK MARKET NEWS: Microsoft, Amazon layoffs, Party City bankruptcy, inflation easesAmazon and Microsoft step up layoffs, Davos organizers slam Elon Musk, mixed data on producer prices and retail sales. FOX Business is providing real-time updates on the markets, commodities and all the most active stocks on the move.
Les mer »
Party City files for Chapter 11 bankruptcy protectionParty City Holdco Inc filed for Chapter 11 bankruptcy protection on Tuesday, becoming the latest casualty among U.S. retailers in the aftermath of the pandemic, as it struggled with low demand and increased competition from online buying.
Les mer »
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...
Les mer »
Party City Files for Bankruptcy With Plans to Cut DebtThe Woodcliff Lake, N.J., company said it has struck an agreement with a group holding more than 70% of its senior secured first lien notes to support an expedited restructuring.
Les mer »
Party City Files for Bankruptcy to Restructure Piling DebtParty City and some of its U.S. units have filed for Chapter 11 bankruptcy, as the retailer looks to restructure its debt and better compete for sales as consumers’ wallets get hit by inflation. According to a filing, the company said it struck an agreement on Tuesday to reduce its debt. This is breaking news. Please check back for updates.
Les mer »