Party City files for bankruptcy
CNN
This is the retailer’s second bankruptcy in less than two years. It will offer “going out of business” sales as stores close.
Party City filed for bankruptcy Saturday for the second time in less than two years. The filing comes after the retailer told employees Friday it would begin “winding down” operations. The nation’s largest party supply chain said in a statement that filing for Chapter 11 bankruptcy would “maximize value” for its stakeholders and close in the “most efficient manner.” Party City employees received letters on Friday that stores would close on February 28. In the meantime, Party City said in a statement that its stores, of which there are about 700, will remain open with “going out of business” sales while supplies last. About 95% of the company’s 12,000 employees will be retained, the company reported. “It has been a true pleasure to be a part of your most special moments over the years. And, in the coming weeks, we hope you stop by to say goodbye and pick up your favorite items, whether you’re organizing a big celebration now or planning ahead for milestone moments to come,” according to a company statement in the filing. Party City did not respond to CNN’s request for comment. The New Jersey-based company faced inflationary pressures on product costs, which reduced consumer spending, according to CEO Barry Litwin. Coupled with other factors, like its $800 million outstanding debt, it filed for its second bankruptcy.
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