A major party and craft retailer with 850 stores across the nation is considering filing for bankruptcy.
Party City has been faced with the possibility of mass closures just a little over a year after the company surfaced from Chapter 11 bankruptcy.
The celebration retailer,
known for selling balloons and essential party supplies, is currently behind on rent at some of its locations, people close to the matter told Bloomberg.
The store’s latest struggle has been brought on by its continued financial straits and lagging sales, blaming the effects of the pandemic and helium shortages, which ultimately lead the company to file for bankruptcy in January 2023 with approximately $1.8 million in debt.
Party City – based in Woodcliff Lake, New Jersey – underwent a restructuring as lenders, including Monarch Alternative Capital and Silver Point Capital took over and managed to clear around $1 billion of its debts, allowing about 850 shops to remain open.
Although some stores were saved, more than 60 had to close their doors, including five in Topeka, Kansas, Salina, New York, Joplin , Missouri and Owensboro, Kentucky, and most recently in Staten Island.
In September, Party City started liquidation sales at closing locations, offering up to 25 percent off for customers.
https://www.dailymail.co.uk/yourmoney/article-14184085/Party-City-bankruptcy-mass-closures.html
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