Party City Holding Meetings For Potential Bankruptcy
Jan 11, 2023 By MarketDepth
Party City Holdings Co (PRTY:NAS) is seeking funding for a potential Chapter 11. The company is looking at entering bankruptcy protection as soon as a couple of weeks and is trying to find financing. Two groups that have been in the discussion are Capital Group Cos Inc. and Silver Point Capital leading into the potential filing.
Party City is best known for selling party supplies such as balloons, candles and other fun items has been squeezed by an increased cost of goods and other low-cost options. The shortage of helium has also driven prices higher which has pushed customers elsewhere.
Party City stock is down 90% over the last year and is down another 8% intraday.