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 to 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 employees.
The company had to contend with rising costs during the pandemic and a helium shortage, which hurt its highly-crucial balloon business. 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.
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