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Party City has filed for Chapter 11 bankruptcy protection as persisting inflations dampens sales. It marks the latest in a line of companies that are facing similar struggles.
Party City and some of its U.S. units have filed for Chapter 11 bankruptcy, as the retailer looks to restructure its debt and better compete for sales as consumers' wallets get hit by inflation.
Party City Holdco Inc. PRTY, +7.19% filed for Chapter 11 bankruptcy protection late Tuesday in the U.S. Bankruptcy Court for the Southern District of Texas, according to a regulatory filing. The company has a debtor-in-possession, or DIP loan, of $150 million to enable it to continue operations while it reorganizes.
The Woodcliff Lake, N.J., company said it has struck an agreement with a group holding more than 70% of its senior secured first lien notes to support an expedited restructuring.
Party City Holdco Inc filed for Chapter 11 bankruptcy protection on Tuesday, casting doubts on the retailer's future, as it grapples with dampening sales due to inflation and higher operating costs.
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This week, shares of low-quality meme stocks jumped on renewed retail interest. Struggling chain Bed Bath & Beyond (NASDAQ: BBBY ) jumped 240%, while Party City (NYSE: PRTY ) would rise 90%.
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Shares of Party City (NYSE: PRTY ) have been extremely volatile the past week as the retailer nears a Chapter 11 bankruptcy filing. Bloomberg reports the company is currently holding talks with a group of creditors, like Capital Group Cos Inc. and Silver Point Capital, ahead of a possible bankruptcy filing.
Airline stocks weren't doing so hot in pre-market trading Wednesday after the Federal Aviation Administration (FAA) grounded domestic flights. The reason behind this is a computer outage affecting the Notice to Air Missions (NOTAM) system.