Halloween hotspot Party City Holdco Inc filed for bankruptcy on Wednesday, announcing a pre-negotiated agreement with a bondholder group to restructure mounting debt. The company will undergo what it called an “expedited restructuring,” which it expects to be done by the second quarter of 2023.
The New Jersey-based retailer said it had some $150 million in debtor-in-possession financing to support ongoing operations at its 800 locations, following through on wages, benefits and supplier contracts, though the transfer is subject to court approval. “Today's action to strengthen PCHI's balance sheet will bolster our ability to further advance our strategic priorities and continue to innovate and elevate the customer experience,” said Weston.
Oh no. Where will Kirsten Sinema shop for her clothes, and wigs now? 🤣😅
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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. Telling... Party Is Over 🥳 Nobody could’ve seen this coming….nobody!
Source: WSJ - 🏆 98. / 63 Read more »
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. The store is so bleak and depressing. Maybe they could compete a bit better if the vibe matched the name Went in to Party City over by NE Mall. 5 or 6 employees. Multiple customers looking for items , lost, (customers even joking about it) while employees just watched without offering any assistance. Good grief they don't even deserve minimum wage. Look who opens as well while others frozen in this belief
Source: nbcchicago - 🏆 545. / 51 Read more »
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. I feel bad for the employee. *Singular on purpose. Who is partying in Biden’s america?
Source: CNN - 🏆 4. / 95 Read more »
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. Never heard of these. Could that be a reason? Filed for Chapter 11. 😴 Thank Biden
Source: FoxBusiness - 🏆 458. / 53 Read more »