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Retailer Party City Files for Chapter 11
Retailer Party City Holdco Inc. (PCHI), headquartered in Woodcliff Lake, NJ, has filed Chapter 11 petitions for relief in the U.S. Bankruptcy Court for the Southern District of Texas. The company has entered into an agreement with an ad hoc group of holders of more than 70% of the company’s senior secured first lien notes to support an expedited restructuring.
“In the face of pandemic headwinds, a global supply chain crisis and other macroeconomic challenges that have faced our industry, we have made significant strides in PCHI’s ongoing transformation – establishing a solid foundation for long-term growth and continued success as the market leader in the celebrations space,” said Brad Weston, CEO of PCHI.
During bankruptcy proceedings, PCHI continues to operate the more than 800 Party City stores and online. It’s also continuing to advance its key initiatives underway, including the further conversion of Party City stores to next-generation prototype.
- ◦Financing
