Party City Plans to Close Over 20 Stores After Filing Bankruptcy
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Party City has filed for bankruptcy! Will your local store be closing?
Party City has been the central party decorations and costume location for years and unfortunately faces some hardships. The company filed for Chapter 11 bankruptcy protection last month, claiming to have over a billion dollars in debt. This is a way for Party City to restructure its debt in hopes to stay open nationwide.
The store had been making profits up until 2019, but due to online e-commerce competition growing, they’ve fallen behind. As a result, the company will be closing at least 22 stores this month, with the potential of more following suit.