The founder of Party City blamed the retailer’s collapse into bankruptcy on mismanagement by private equity firms — claiming that they jacked up prices — despite the company’s roo…
on mismanagement by private equity firms — claiming that they jacked up prices — despite the company’s roots as a discounter.
“Party City did away with competition,” the 78-year-old Mandell said. “All of the innovation is long gone. That is a huge problem.” “Party City’s financial restructuring will address a legacy debt load that predates the Company’s IPO in 2015 and enable the business to emerge financially stronger and better positioned to build on its market leadership,” a Party City spokesperson told The Post on Wednesday.
“The average sale price is too low for inflation to have a big impact,” Mandell countered. “It’s a great excuse.”
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