Party City has filed for Chapter 11 bankruptcy protection, making it the latest casualty in the U.S. retail industry as persistently high inflation takes a toll on consumer spending.
Party City filed for Chapter 11 bankruptcy protection on Tuesday, making it the latest casualty in the U.S. retail industry as persistently high inflation takes a toll on consumer spending.
It reported $1 billion to $10 billion of estimated assets and liabilities, and said it had obtained $150 million in debtor-in-possession financing to support its operations. The company, which operates more than 800 company-owned and franchise stores throughout North America, also battled higher freight, labor and raw materials costs as it pulled forward shipping timelines to ensure enough products on its shelves.
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