Party City Holdco Inc filed for Chapter 11 bankruptcy protection on Tuesday, becoming the latest casualty among U.S. retailers in the aftermath of the pandemic, as it struggled with low demand and increased competition from online buying.
Rockaway, New Jersey-based Party City said it had reached a pre-negotiated agreement with a bondholder group to support an "expedited restructuring," which it expected to complete in the second quarter of this year.
The party supplies retailer's fortunes have dwindled since the COVID-19 pandemic as it wrestled with slowing sales due to lockdowns and store closures, along with inventory shortages and tight helium supplies due to global supply chain disruptions.
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