{"id":1810180,"date":"2023-01-18T20:19:24","date_gmt":"2023-01-19T01:19:24","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1810180"},"modified":"2023-01-18T20:19:57","modified_gmt":"2023-01-19T01:19:57","slug":"party-city-issues-filing-for-bankruptcy-protection","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/party-city-issues-filing-for-bankruptcy-protection\/","title":{"rendered":"Party City Issues Filing For Bankruptcy Protection"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">14<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fparty-city-issues-filing-for-bankruptcy-protection%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1810180&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<p class=\"p1\">Mega party supply <a href=\"https:\/\/thehill.com\/policy\/finance\/3818150-party-city-files-for-bankruptcy-protection\/\" target=\"_blank\" rel=\"noopener\">shop<\/a> Party City <a href=\"https:\/\/www.usatoday.com\/story\/money\/2023\/01\/18\/party-city-bankruptcy-filing-news\/11074820002\/\" target=\"_blank\" rel=\"noopener\">filed<\/a> Apply for bankruptcy protection by Tuesday<\/p>\n<p class=\"p1\">Party City Holdco Inc. (PCHI), is the company. <a href=\"https:\/\/www.sec.gov\/ix?doc=\/Archives\/edgar\/data\/0001592058\/000119312523009847\/d643228d8k.htm\" target=\"_blank\" rel=\"noopener\">filed<\/a> A press release stated that Chapter 11 Bankruptcy protections will be available for some of its domestic subsidiaries. <a href=\"https:\/\/www.prnewswire.com\/news-releases\/pchi-enters-into-restructuring-support-agreement-with-senior-secured-noteholder-ad-hoc-group-to-advance-transformation-and-enhance-market-leadership-from-strengthened-financial-position-301724164.html\" target=\"_blank\" rel=\"noopener\">release<\/a> Tuesday. Other subsidiaries and Anagram are not affected by the bankruptcy proceedings. In November, the company employed a financial adviser.<\/p>\n<p class=\"p1\">Party City also announced that it had made a deal with an independent group to assist in the restructuring of its debt and cut costs. The company stated that the restructuring was underway. \u201c[p]re-negotiated\u201d And \u201c[e]xpedited,\u201d They expect it to reduce its debt and maximize its liquidity. It <a href=\"https:\/\/www.cnn.com\/2023\/01\/18\/business\/party-city-bankruptcy\/index.html\" target=\"_blank\" rel=\"noopener\">noted<\/a> It received $150 million from an Ad-hoc Group that will enable it to keep its stores running.\u00a0<\/p>\n<p class=\"p1\">\u201cIn 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\u2019s ongoing transformation \u2013 establishing a solid foundation for long-term growth and continued success as the market leader in the celebrations space,\u201d\u00a0Brad Weston was the Chief Executive Officer at PCHI, according to the release. \u201cToday\u2019s action to strengthen PCHI\u2019s balance sheet will bolster our ability to further advance our strategic priorities and continue to innovate and elevate the customer experience.\u201d<\/p>\n<p class=\"p1\">\u201cAs 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 \u2018go to\u2019 one-stop-shop for celebrating life\u2019s special moments,\u201d Weston noted.\u00a0<\/p>\n<p class=\"p1\">Party City stores and its online site are still available for customers to shop at. The restructuring process is expected to take place in the second quarter this year, according the company.\u00a0<\/p>\n<p class=\"p1\">It also files motions to continue its daily operations. These motions include its requests to continue paying its workers and providing benefits. It also wants to \u201chonor customer programs and policies.\u201d\u00a0<\/p>\n<p class=\"p1\">Party City has seen a lot of growth, but it also has to deal with the growing popularity of major retailers and e-commerce companies, CNBC <a href=\"https:\/\/www.cnbc.com\/2023\/01\/18\/party-city-files-for-bankruptcy-to-restructure-piling-debt.html\" target=\"_blank\" rel=\"noopener\">reported<\/a>. It didn\u2019t expand its online platform, but rather spent money maintaining 800 shops around the United States.\u00a0<\/p>\n<p class=\"p1\">\u201cThey\u2019re competing against Walmart, and Target and Amazon and the dollar stores and grocery stores,\u201d Joe Feldman is an analyst at Telsey Advisory Group. Since 2015, when the company went public, Joe Feldman used to cover Party City. But he stopped covering it at the end last year.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mega party supply shop Party City filed for bankruptcy protection on Tuesday. The company, Party City Holdco Inc. (PCHI) filed for Chapter 11 Bankruptcy protections along with some of its domestic subsidiaries, according to a press release on Tuesday. Some other subsidiaries and its Anagram business are not included in the bankruptcy process. The company &#8230;<\/p>\n","protected":false},"author":95,"featured_media":1810183,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[7740,5269,6202,7014,4065,4787,4140,6195],"class_list":["post-1810180","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire","tag-bankruptcy","tag-city","tag-daily","tag-filing","tag-issues","tag-party","tag-protection","tag-wire"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1810180","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/95"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1810180"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1810180\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1810183"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1810180"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1810180"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1810180"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}