Party City files for bankruptcy | CNN Business

  • 📰 CNN
  • ⏱ Reading Time:
  • 21 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 12%
  • Publisher: 95%

Canada News News

Canada Canada Latest News,Canada Canada Headlines

The largest party goods and Halloween specialty retail chain in the United States filed for bankruptcy protection after years of losses and weak sales.

The largest party goods and Halloween specialty retail chain in the United States said in a regulatory filing that it reached an agreement with debtholders to cut its $1.7 billion debt load. The company said it secured $150 million in financing that will allow it keep its stores open and operations running. As of October, the Company had 761 total Party City\n \n stores and 149 temporary Halloween City stores. In 2021, Party City\n \n had more than 16,000 full- and part-time employees.

Balloons are a “focal point of our growth strategy and are a key driver of our differentiated brand experience,” the company said in a regulatory filing. Between 2017 and 2021, Party City’s sales dropped 8% to $2.2 billion. The company projected sales to remain flat in 2022. The company also lost money every year between 2019 and 2021 and said was on track to lose up to $199 million in 2022.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Who is partying in Biden’s america?

I feel bad for the employee. *Singular on purpose.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 4. in CA

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Bitcoin rallies 25% as crypto markets rebound | CNN BusinessAfter getting pummeled by losses for the better part of last year, bitcoin and other cryptocurrencies are rallying in 2023 -- prompting speculation that the so-called crypto winter is over. The Gold Rush, 1925 Still a scam. Seems like people did not learn that they ex hange real money for fake coins ...
Source: CNN - 🏆 4. / 95 Read more »

The steep plunge in used car prices -- what it means, and what's ahead | CNN BusinessTracking used car prices is enough to give anyone whiplash. You mean the return to former prices? The demand isn’t there If like ne it's too expensive to. Buy new or used. So keep driving my old 2003 Ram. Not going to get sucked into a $800 to $1000 car payment. Which is what you are looking at unless you stretch the terms which is dumb
Source: CNN - 🏆 4. / 95 Read more »