WOODCLIFF LAKE, New Jersey — Party City’s parent company Party City Holdco INC, has filed for Chapter 11 bankruptcy protection.
According to the company, the filing is part of the company’s restructuring plan following economic hardships. Brad Weston, CEO, in a statement, said, “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.”
Weston added, “As we take this important step to put our business on stronger financial footing for the future, we are as committed as ever to inspiring joy by making it easy for our customers to create unforgettable memories. We appreciate the commitment of our team members and the continued support of our partners as we further enhance our position as the ‘go to’ one-stop-shop for celebrating life’s special moments.”
Party City reassured customers and stakeholders that the more than 800 stores nationwide would remain open.
A spokesperson said the company secured additional funding of $150 million to help support its continued operations.
The court filings can be found at the link here.