PRTY Stock Recent News

Party City (NYSE:PRTY) Holdco Inc has sought funding for a potential Chapter 11 bankruptcy, according to a report by Bloomberg News citing people with knowledge of the matter. Per the report, the New Jersey-based party goods company is preparing to enter bankruptcy protection within weeks and is sharing information with potential providers of debtor-in-possession financing.

Party City (NYSE: PRTY ) stock is climbing 19% to 54 cents in early trading after soaring 118% yesterday. The retailer's shares more than doubled yesterday after Bloomberg reported that PRTY, which sells party goods, was looking to obtain funds that would allow it to possibly declare bankruptcy and take subsequent steps to improve its balance sheet.

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One of the worst performers of 2023 until today, Party City (NYSE: PRTY ) stock has been pretty disappointing for investors. Declining more than 95% over the past 12 months, shares have seen a peak-to-trough decline of over 60% just in 2023.

Party City (NYSE: PRTY ) stock is in the news Monday as investors prepare for the retail company to file for bankruptcy. While there's no official filing just yet, several publications have reported on the potential bankruptcy filing.

Struggling Retailer Seeks Restructuring Help as Sales and Cash Reserves Dwindle

Shares of Party City plummeted on news that the company is planning on filing for bankruptcy.

Party City Holdco Inc is preparing to file for bankruptcy within weeks as its cash dwindled and inflation dampened sales, the Wall Street Journal reported on Friday, citing people familiar with the matter.

Persistently high inflation has impacted the demand for its part supplier's products.