Party City has filed for Chapter 11 bankruptcy protection after struggling with rising prices and a pullback in customer spending.
The company, based in Woodcliff Lake, New Jersey, said that its franchise stores, subsidiaries outside of the U.S. and its foil balloons Anagram business are not part of the restructuring and will remain core components of its business.
The chain is planning an expedited restructuring that it said would substantially lower its debt and free up cash. "Party City used to be one of the best games in town, but it is now something of an also-ran operation," said Neil Saunders, managing director of GlobalData Retail. "There is likely still something of a role for Party City, but the company needs to financially restructure and to rethink its approach."
In November, Party City reported its quarterly losses widened, reflecting a 3.2% drop in comparable store sales. Overall sales were within expectations, but at the lower end.
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