Party City, amid rising prices, seeks bankruptcy protection [CBS News]
Party City Holdco Inc. (PRTY)
Last party city holdco inc. earnings: 3/12 06:55 am
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investor.partycity.com/investors/default.aspx
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Source: CBS News
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. Party City Holdco Inc., said its more than 800 company-owned and franchise stores throughout North America will remain open, and customers can still shop on the company website. The chain is planning an expedited restructuring that it said would substantially lower its debt and free up cash. The company has secured a commitment for $150 million in debtor-in-possession financing. It said the financing, which is subject to court approval, would provide ample cash to continue operations. Shares rose more than 10% before the market opened Wednesday. Party City for years has faced growing competition from Walmart and Target and increasingly from occasion-based pop-up stores such as Spirt Halloween. That pressure has intensified in an era of risin
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