Party City store chain files for Chapter 11 bankruptcy – Alton Telegraph

Houston, Texas USA 01-01-2021: Party City storefront in Houston, TX. Largest retailer of celebration goods in the USA, founded in 1986.
Party City, the event supply store chain, has filed for Chapter 11 bankruptcy.
According to the Associate Press, there are more than 800 stores across North America and the company has said they will remain open. The company, Party City Holdco Inc., also announced in a press release its subsidiary, Anagram, a leader in the foil balloon industry, will also continue. 
“Today’s action to strengthen Party City Holdco Inc’s balance sheet will bolster our ability to further advance our strategic priorities and continue to innovate and elevate the customer experience,”  Brad Weston, CEO of Party City Holden Inc. said in a statement.
According to court documents, the company is financing $150 million to keep its stores open and operations going. 
Party City Holdco Inc. says the restructuring plan that they’re with noteholders is expected to be complete by the second quarter of 2023.
Dominic Genetti was born and raised in St. Louis and has been in the media industry since 2003. He holds a bachelor’s degree in journalism from Northwest Missouri State University, and has covered a variety of subjects including hard news, courts, enterprise features, and sports. From 2011 to 2013, Genetti wrote a syndicated baseball column that published daily throughout the country. He was also awarded the “Community Service” award from the Missouri Press Association for his efforts to bring light to a historic cemetery in disrepair in Hannibal, Missouri. Multimedia coverage is also part of Genetti’s repertoire. In 2011 he was named the GateHouse Media Videographer of the Year. Genetti has worked for newspapers in Missouri, Iowa, Texas, and Illinois.

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