The party could be coming to an end as retailer Party City files for Chapter 11 bankruptcy.
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.
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 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 »
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.
Les mer »
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 »