No party for Party City: Retail chain files for bankruptcy
The company said in a regulatory filing that it reached an agreement with debt-holders to cut its $1.7 billion debt load.
The move comes after years of losses and weak sales as online retailers and big-box chains have been cutting into Party City’s market share.
The emergence of Spirit Halloween, a pop-up store model, also took a lot of business from Party City during the Halloween season.
Party City says it will be able to keep its stores up and running.