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

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

admin by admin
December 21, 2024
in Stock
0
Retailer Party City files for bankruptcy, will wind down 700 stores
0
SHARES
1
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

Biden mulls exempting Mexico from imported solar gear tariffs, Bloomberg News reports

Next Post

GLP-1: Barclays on why 2025 could be an inflection point

admin

admin

Next Post
GLP-1: Barclays on why 2025 could be an inflection point

GLP-1: Barclays on why 2025 could be an inflection point

Trending News

2025 investment strategy: Look for ‘babies that get thrown out with the bathwater’

2025 investment strategy: Look for ‘babies that get thrown out with the bathwater’

December 28, 2024
Top gainers & losers today: Nifty, Sensex jump 2%, metals in the spotlight

Top gainers & losers today: Nifty, Sensex jump 2%, metals in the spotlight

April 11, 2025
India’s ‘Operation Sindoor’ against terror bases in Pak: what we know so far

India’s ‘Operation Sindoor’ against terror bases in Pak: what we know so far

May 7, 2025
Subscribe to Insightful Word


    Recent News

    ARB eyes recovery as Arbitrum taps agentic DeFi revolution with $1M grant

    ARB eyes recovery as Arbitrum taps agentic DeFi revolution with $1M grant

    June 5, 2025
    Ripple releases $2.18B in XRP, price dips 2%

    Ripple releases $2.18B in XRP, price dips 2%

    June 5, 2025
    Nintendo Switch 2 launch sees shortages as 2.2M vie for units in Japan

    Nintendo Switch 2 launch sees shortages as 2.2M vie for units in Japan

    June 5, 2025
    Why Bank of America sees 13% upside on Roblox (RBLX)

    Why Bank of America sees 13% upside on Roblox (RBLX)

    June 5, 2025

    Recent News

    ARB eyes recovery as Arbitrum taps agentic DeFi revolution with $1M grant

    ARB eyes recovery as Arbitrum taps agentic DeFi revolution with $1M grant

    June 5, 2025
    Ripple releases $2.18B in XRP, price dips 2%

    Ripple releases $2.18B in XRP, price dips 2%

    June 5, 2025

    Latest News

    • ARB eyes recovery as Arbitrum taps agentic DeFi revolution with $1M grant
    • Ripple releases $2.18B in XRP, price dips 2%
    • Nintendo Switch 2 launch sees shortages as 2.2M vie for units in Japan

    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.