Insightful Word
  • Investing
  • Stock
  • Economy
  • Politics
  • Investing
  • Stock
  • Economy
  • Politics
No Result
View All Result
Insightful Word
No Result
View All Result
Home Economy

Retailer Party City files for bankruptcy, will wind down 700 stores

admin by admin
December 21, 2024
in Economy
0
Retailer Party City files for bankruptcy, will wind down 700 stores
0
SHARES
5
VIEWS
Share on FacebookShare on Twitter

By Mrinmay Dey

(Reuters) – Party City, which has been struggling since the COVID-19 pandemic, filed for Chapter 11 bankruptcy protection in the United States on Saturday for the second time in two years as it plans to wind down its retail and wholesale operations.

The retailer, which has been in business for over 40 years and sells party supplies from themed decorations to Christmas costumes, said that all of its 700 stores in the country would remain open as it commences a going-out-of-business sale.

The company along with certain of its subsidiaries filed for Chapter 11 in the U.S. Bankruptcy Court for the Southern District of Texas. In a filing with the court, Party City Holdco (OTC:PRTYQ) listed both assets and liabilities in the range of $1 billion to $10 billion and estimated to have more than 10,000 creditors.

Party City Holdco’s senior lenders would provide the retailer with financial support necessary to fund operations through the wind-down process, the Woodcliff Lake, New Jersey-based company said in a statement.

Troubled retailers often seek bankruptcy protection during the holiday season to take advantage of any cash infusion provided by recent sales.

Party City, which operates both brick-and-mortar stores and an e-commerce website, said it would retain most of its 12,000 employees during the sale period to assist with the wind-down process.

The company first filed for Chapter 11 bankruptcy protection in the U.S. in January last year. Later that year it reached a plan to exit bankruptcy, which saw a cancellation of about $1 billion in company debt.

The company has suffered since the pandemic due to lockdowns and store closures, along with inventory shortages and tight helium supplies due to global supply chain disruptions.

Amscan, a designer, manufacturer, and distributor of celebration products that is operated by Party City Holdco, also filed for bankruptcy on Saturday.

This post appeared first on investing.com

Previous Post

North Korea’s Kim Jong Un calls for stronger rural economies, state media says

Next Post

Exclusive-Fed’s Barr seeks legal advice amid speculation Trump might remove him, sources say

admin

admin

Next Post
Exclusive-Fed’s Barr seeks legal advice amid speculation Trump might remove him, sources say

Exclusive-Fed’s Barr seeks legal advice amid speculation Trump might remove him, sources say

Trending News

‘Chai and samosas’: US hotels welcome Indian tourist boom to revive revenue

‘Chai and samosas’: US hotels welcome Indian tourist boom to revive revenue

December 11, 2024
Elon Musk Gets $29B Tesla Stock to Drive AI and Robotics Shift

Elon Musk Gets $29B Tesla Stock to Drive AI and Robotics Shift

August 4, 2025
US stocks to rally into year-end but correction is ‘likely early in the New Year’: Fairlead

US stocks to rally into year-end but correction is ‘likely early in the New Year’: Fairlead

December 16, 2024
Subscribe to Insightful Word


    Recent News

    Coinbase eyes digital asset expansion with $2B convertible note offering

    Coinbase eyes digital asset expansion with $2B convertible note offering

    August 5, 2025
    Tesla’s European sales slump deepens as BYD accelerates growth

    Tesla’s European sales slump deepens as BYD accelerates growth

    August 5, 2025
    Here’s the Palantir stock price if market cap hits $1 trillion

    Here’s the Palantir stock price if market cap hits $1 trillion

    August 5, 2025
    Pfizer stock pops as big pharma giant delivers post-COVID comeback

    Pfizer stock pops as big pharma giant delivers post-COVID comeback

    August 5, 2025

    Recent News

    Coinbase eyes digital asset expansion with $2B convertible note offering

    Coinbase eyes digital asset expansion with $2B convertible note offering

    August 5, 2025
    Tesla’s European sales slump deepens as BYD accelerates growth

    Tesla’s European sales slump deepens as BYD accelerates growth

    August 5, 2025

    Latest News

    • Coinbase eyes digital asset expansion with $2B convertible note offering
    • Tesla’s European sales slump deepens as BYD accelerates growth
    • Here’s the Palantir stock price if market cap hits $1 trillion

    About Insightful Word

    • Contacts
    • Cookie Notice
    • Privacy Policy
    • Terms of Service
    • Trading tools
    • Contacts
    • Cookie Notice
    • Privacy Policy
    • Terms of Service
    • Trading tools

    Copyright © 2025 Insightfulword.com. All Rights Reserved.

    No Result
    View All Result
    • Investing
    • Stock
    • Economy
    • Politics

    Copyright © 2025 Insightfulword.com. All Rights Reserved.