Is Party City Closing Permanently in 2024?

About Party City

Part City Holdco Inc. is an American publicly traded retailer of party stores. It was founded in 1986 by Steve Mandell.

The Rise of Party City

Part City became a hit shortly after its launch and became the largest retailer of party goods in Canada, Mexico, and the United States with 750+ outlets.

The Fall of Party City

The pandemic impacted the company in such a way that the company went into debt and ultimately filed for bankruptcy.

Party City is in Debt

Party City is now in debt of over $1 million, which is the reason why they filed for bankruptcy.

Settletments of Party City

Party City plans to convert the $1 billion debt into equity shares which will allow it to emerge from bankruptcy with a new $562 million loan

Is Party City Going Out of Business 2024?

Recently, Party City exited bankruptcy after a U.S. judge signed the retailer’s plan of reorganization.