Party City Files For Bankruptcy–What It Means For Illinois Stores
Wasn't it just a few days back that we were learning about Bed Bath & Beyond closing more Illinois stores (and nationwide, too) after coming off a terrible year in 2022?
Yeah, I thought so.
I guess we're going to go with that old adage "misery loves company" today, since Party City announced yesterday that they've filed for Chapter 11 bankruptcy protection after struggling with rising prices and a pullback in customer spending.
Party City is the country's largest-by-far retailer of party supplies, Halloween costumes, and other specialty items. Illinois has 42 stores, with more than 20 of them spread across the Chicagoland region, including Rockford.
We Know That Bed Bath & Beyond Has A Master-List Of Stores They Plan On Closing (or have already shuttered), But Does Party City Have A List, Too?
They do have an impressive number of stores in the United States, with 761 stores and about 150 Halloween City temporary stores scattered from coast-to-coast. So, it wouldn't be a huge shock to find out that some are being targeted for permanent closure.
But, at this point in time, they're not.
Patch.com has the details:
In the Chapter 11 bankruptcy filing with the U.S. Securities and Exchange Commission, Party City HoldCo Inc. said it had reached an agreement with its creditors to cut $1.7 billion from its debt load.
Also, the party goods retailer said it had secured $150 million in financing that will allow it to keep stores open. In 2021, the permanent and temporary Party City stores employed more than 16,000 people in full- and part-time positions.
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