Stores Remain Open Nationwide for Going Out of
Business Sales
Customers Encouraged to Take Advantage of
Deals and Discounts While Supplies Last
WOODCLIFF LAKE, N.J., Dec. 21,
2024 /PRNewswire/ -- Party City Holdco Inc.
("PCHI" or the "Company") today announced plans to commence a wind
down of its retail and wholesale operations and going out of
business sales at its approximately 700 stores nationwide after
serving Party City customers for nearly 40 years as their
one-stop-shop for all things celebration.
The decision was made following exhaustive efforts by the
Company to find a path forward that would allow continued
operations in an immensely challenging environment driven by
inflationary pressures on costs and consumer spending, among other
factors.
To accomplish an orderly wind down in the most efficient manner
and to maximize value for the benefit of the Company's
stakeholders, PCHI and certain of its subsidiaries voluntarily
filed Chapter 11 in the U.S. Bankruptcy Court for the Southern
District of Texas.
These proceedings follow the Company's 2023 restructuring
through which PCHI eliminated nearly $1
billion in debt, among other things. As with many other
retailers, macroeconomic headwinds more recently proved too severe
for the Company to overcome.
PCHI is grateful to its team members for their commitment over
the years and is retaining more than 95% of its 12,000 employees
for some time to assist with the wind down process. The Company
thanks its customers for their business and appreciates the support
it has received from its valued partners.
During the going out of business sales, shoppers at Party City
stores will be able to take advantage of incredible deals and deep
discounts on amazing merchandise while supplies last. Customers are
encouraged to shop now for everything ranging from birthday party
supplies to decorations for the holidays and New Year's Eve while
the selection is best. A store location finder can be found on
www.partycity.com.
The Company has filed customary motions with the Court seeking
authority to commence going out of business sales and uphold its
commitments to employees during the wind down. PCHI's senior
lenders have committed to provide the financial support necessary
to fund operations through the wind down, subject to Court
approval.
Additional information, including Court filings and information
about the claims process, is available at
https://cases.ra.kroll.com/PCHI2024/. Suppliers with questions can
call (877) 510-9565 (toll-free) and +1 (646) 798-8469
(international) or email PCHI2024Inquiries@ra.kroll.com.
Paul, Weiss, Rifkind, Wharton & Garrison LLP and Porter
Hedges LLP are serving as legal counsel and AlixPartners, LLP is
serving as financial advisor to PCHI. The Company has retained
Gordon Brothers to supervise the
going out of business sales under the Company's management.
About Party City Holdco Inc.
Party City is a global leader in the celebrations industry,
delivering joy and inspiration to customers across more than 70
countries. As North America's
largest party goods retailer, Party City is the go-to shopping
destination for every type of celebration, offering an extensive
and innovative selection of products at exceptional value.
The company has approximately 700 company-owned and franchise
store locations across North
America and sells online to consumers at www.partycity.com.
The company also operates Amscan, a premier designer, manufacturer,
and distributor of celebration products including décor, tableware,
costumes, and accessories.
Headquartered in Woodcliff Lake,
N.J., with additional locations in the Americas and
Asia, Party City is committed to
helping customers create unforgettable moments for every
occasion.
Media Contact
Kekst CNC
PCHIMediaInquiries@kekstcnc.com
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SOURCE Party City Holdco Inc.