Reemergence of physical retail ‘exceptionally strong’ since pandemic: Tom McGee 00:00 00:0006:36GO LIVE Facebook Twitter Email Embed SpeedNormal Autoplay Party City — the leading U.S. party goods and Halloween supplies specialty retailer — has filed for Chapter 11 bankruptcy protection to cut debt following dwindling sales. 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. 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. In November, the New York-based chain warned in its third-quarter earnings report that due to an uncertain economic environment, the company could not make assurances that it could generate enough cash or that future borrowings would be sufficient to repay indebtedness or fund other liquidity needs. Party City had net debt of $1.75 billion as of Sept. 30 and cash of just $29.8 million. The company used […]
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
