Party City filed for Chapter 11 bankruptcy in the Southern District of Texas after facing...
MIAMI, FLORIDA - JANUARY 18: Exterior view of a Party City store on January 18, 2023 in Miami, Florida. Party City Holdco Inc. filed for Chapter 11 bankruptcy protection in a bid to restructure its heavy debt load after supply chain problems, rising inflation and a consumer slowdown have hurt sales.Party City, the New Jersey-based retailer with nine Houston-area stores, is seeking Chapter 11 bankruptcy protection, according to documents filed Tuesday.
The filing in Southern District Court in Houston will give the party supply chain the opportunity to restructure debt, which totaled about $1.7 billion in the third quarter,The bankruptcy doesn't affect Party City's franchise stores, balloon production business Anagram and subsidiaries outside the U.S., according to the court filing. Party City said it expects to complete its debt restructuring between April and June.
CEO Brad Weston cited"pandemic headwinds, a global supply chain crisis, and other macroeconomic challenges" in a
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