Sam Amico
Turn out the lights, the party soon be over.
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After all, Party City has filed for bankruptcy after an agreement with debtholders to cut its $1.7 billion debt load. Party City is America’s largest retailer of party supplies, with much of its focus on Halloween costumes and the like.
But it may not be dead just yet. The store has said it secured $150 million in financing to keep things going — at least for a little while longer.
So hurry up, head on in, and get a party hat, colorful wig, or balloon.
Party City Files For Bankruptcy
Interestingly, the company cited balloons as one of its trouble spots — following a helium shortage that resulted from the COVID pandemic. That said, there were some trouble spots before then.
According to CNN, “Between 2017 and 2021, Party City’s sales dropped 8% to $2.2 billion. The company projected sales to remain flat in 2022. The company also lost money every year between 2019 and 2021 and said was on track to lose up to $199 million in 2022.”
Party City isn’t the only retail chain in trouble these days. Increasing online sales or sales from consumer to consumer (such as Facebook Marketplace) seem to be making an impact everywhere.
Earlier in January, Bed Bath & Beyond warned of a potential bankruptcy filing and forecasted a fairly grim future, saying that there’s “substantial doubt about the company’s ability to continue.”
