Party City , Files for Bankruptcy.
CNN reports that America's largest party supply store filed for bankruptcy protection on Jan. 17.
In a regulatory filing, Party City said it struck a deal with debtholders to reduce its $1.7 billion in debt. .
The company has been financed $150 million to keep stores open and operating.
The company has been financed $150 million to keep stores open and operating.
In addition to competition from rivals
such as Target and Spirit Halloween, .
In addition to competition from rivals
such as Target and Spirit Halloween, .
In addition to competition from rivals
such as Target and Spirit Halloween, .
other factors such as rising costs
amid the pandemic and a shortage of
helium led to the retailer's collapse.
CNN reports that the helium shortage
hurt Party City's balloon business.
[Balloons are a] focal point of our growth strategy and are a key driver of our differentiated brand experience, Party City, via regulatory filing.
Party City previously said it was on track to hemorrhage close to $199 million in 2022.
The company also said it was at risk of being removed from the New York Stock Exchange because its shares averaged less than $1 for 30 days.
The company also said it was at risk of being removed from the New York Stock Exchange because its shares averaged less than $1 for 30 days