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Search resuls for: "Party City"


14 mentions found


☆ Party City Files for Chapter 11 Bankruptcy With Plans to Cut Debt
  + stars: | 2023-01-18 | by ( Colin Kellaher | ) www.wsj.com   time to read: 1 min
Party City says its international units, franchise stores and Anagram foil-balloons business aren’t part of the chapter 11 proceedings. Party City Holdco Inc. and some of its U.S. units have filed for chapter 11 bankruptcy as part of the party-favor retailer’s plan to pare its debt load. The Woodcliff Lake, N.J., company said it has struck an agreement with a group holding more than 70% of its senior secured first lien notes to support an expedited restructuring that would reduce its debt and optimize its capital structure and liquidity.
☆ Party City Files for Bankruptcy With Plans to Cut Debt
  + stars: | 2023-01-18 | by ( Colin Kellaher | ) www.wsj.com   time to read: 1 min
Party City says its international units, franchise stores and Anagram foil-balloons business aren’t part of the chapter 11 proceedings. Party City Holdco Inc. and some of its U.S. units have filed for chapter 11 bankruptcy as part of the party-favor retailer’s plan to pare its debt load. The Woodcliff Lake, N.J., company said it has struck an agreement with a group holding more than 70% of its senior secured first lien notes to support an expedited restructuring that would reduce its debt and optimize its capital structure and liquidity.
☆ Party City files for bankruptcy after struggling with pandemic rebound
  + stars: | 2023-01-18 | by ( ) www.nbcnews.com   time to read: +1 min
Party City filed for Chapter 11 bankruptcy protection on Tuesday, making it the latest casualty in the U.S. retail industry as persistently high inflation takes a toll on consumer spending. Troubled retailers often seek bankruptcy protection following the holiday season to take advantage of the cash cushion provided by recent sales. The party supplies retailer’s fortunes have dwindled since the Covid-19 pandemic as it wrestled with slowing sales due to lockdowns and store closures, along with inventory shortages and tight supplies of helium due to global supply chain disruptions. Shares of the party goods company were up about 11% at 41 cents before being halted premarket on Wednesday. The stock fell as much as 57% on Jan. 6 after the Wall Street Journal reported that the company could file for bankruptcy within weeks.
☆ Party City files for Chapter 11 bankruptcy protection
  + stars: | 2023-01-18 | by ( ) www.reuters.com   time to read: +1 min
Jan 17 (Reuters) - Party City Holdco Inc (PRTY.N) filed for Chapter 11 bankruptcy protection on Tuesday, casting doubts on the retailer's future, as it grapples with dampening sales due to inflation and higher operating costs. The Rockaway, New Jersey-based party supplies retailer reported $1 billion to $10 billion of both estimated assets and liabilities, and said it had obtained $150 million in debtor-in-possession financing to support its operations. Party City subsidiaries outside of the U.S., its Party City franchise stores, and its Anagram business were not part of the bankruptcy proceedings, the company said. It expected restructuring to be completed in the second quarter of this year and said its stores would remain open while the company navigates through the bankruptcy process. Reporting by Granth Vanaik and Jyoti Narayan in Bengaluru; Editing by Maju Samuel and Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.
☆ Party City files for bankruptcy
  + stars: | 2023-01-18 | by ( Nathaniel Meyersohn | ) edition.cnn.com   time to read: +2 min
New York CNN —Party City filed for bankruptcy protection Tuesday after years of losses and weak sales. As of October, the Company had 761 total Party City (PRTY) stores and 149 temporary Halloween City stores. In 2021, Party City (PRTY) had more than 16,000 full- and part-time employees. Party City has struggled for years against competition for party goods and decorations from big-box chains and online retailers. Party City in December said it was at risk of a de-listing from the New York Stock Exchange because its stock fell under an average of $1 a share for 30 trading days.
☆ Party City files for bankruptcy to restructure piling debt
  + stars: | 2023-01-18 | by ( Melissa Repko Gabrielle Fonrouge | Melissa Repko | Gabrielle Fonrouge | ) www.cnbc.com   time to read: +1 min
A shopper exits a Party City Holdco Inc. store in New York, U.S., on Wednesday, Nov. 7, 2018. Party City Holdco released earnings figures on November 8. To manage through the tougher period, Weston told investors in November that Party City would work to cut costs by $30 million. Party City tapped retail consultants AlixPartners in November as its financial advisor. Shares of Party City were up 10% and halted in premarket trading on Wednesday.
☆ Bed Bath & Beyond looks for capital infusion, buyer ahead of likely bankruptcy filing
  + stars: | 2023-01-18 | by ( Lillian Rizzo Gabrielle Fonrouge | Lillian Rizzo | Gabrielle Fonrouge | ) www.cnbc.com   time to read: +5 min
Bed Bath & Beyond has been in discussions with prospective buyers and lenders as it works to keep its business afloat during a likely bankruptcy filing, according to people familiar with the matter. Comparable sales declined 32% year over year in the most recent fiscal quarter, ended Nov. 26. Last week, CNBC reported Bed Bath had begun another round of layoffs in an attempt to further cut costs. One possible buyer circling Bed Bath is private equity firm Sycamore Partners, according to the people familiar with the discussions. Bed Bath has also drawn interest from companies that acquire the intellectual property, or brands, of companies, particularly those under distress, the people said.
☆ Party City plans bankruptcy filing within weeks - WSJ
  + stars: | 2023-01-06 | by ( ) www.reuters.com   time to read: +1 min
Jan 6 (Reuters) - Party City Holdco Inc (PRTY.N) is preparing to file for bankruptcy within weeks as its cash dwindled and inflation dampened sales, the Wall Street Journal reported on Friday, citing people familiar with the matter. The company is in discussions with its bondholders to convert debt into equity to trim the balance sheet, the report said. The report further added that Party City has engaged AlixPartners LLP as a restructuring adviser. Party City and AlixPartners did not immediately respond to Reuters requests for comment. Reporting by Granth Vanaik in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.
☆ Retailers Pull Back From Using Chartered Cargo Ships
  + stars: | 2022-12-23 | by ( Paul Berger | ) www.wsj.com   time to read: +5 min
Retailers are moving away from using chartered ships to get around pandemic-triggered disruptions now that congestion at ports has cleared and pressures in supply chains have eased. A representative for Home Depot said it stopped using chartered vessels earlier this year as space opened up in global shipping. Party City started booking space on chartered vessels in mid-2021 in advance of Halloween, its busiest time of year, said Bruce Dzinski, Party City’s director of international transportation. Will Harwood, a spokesman for Lidl, said Tailwind owns two container ships and can carry additional cargo on other chartered vessels. Most other companies, like Home Depot and Costco, relied on third-party companies to operate chartered ships.
☆ Midterms could be a positive catalyst for stocks as investors await next big inflation report
  + stars: | 2022-11-04 | by ( Patti Domm | In | ) www.cnbc.com   time to read: +6 min
There are two big hurdles for markets in the week ahead - another potentially hot consumer inflation report and the Congressional midterm elections. "100% of the time, the S & P 500 has been up 12 months after the midterm election." Midterm rallies Stocks tend to gain in the final months of midterm election years, and strategists have been expecting the market to move higher. CFRA Chief Market Strategist Sam Stovall said even when interest rates are climbing, the midterm election has been a catalyst for stocks. He examined market performance in other midterm election years when interest rates were going up.
☆ These retail chains may not survive a recession
  + stars: | 2022-10-13 | by ( Nathaniel Meyersohn | ) edition.cnn.com   time to read: +4 min
New York CNN Business —America’s retail chains have proven surprisingly strong during the pandemic. At the beginning of the pandemic, stores temporarily closed to halt the spread of Covid-19 and retail sales tumbled. “That wave of defaults effectively flushed out a lot of debt and unprofitable stores from the sector,” Sokolyanska said. Retail sales quickly recovered thanks to federal stimulus checks, growing personal savings accounts and pent-up consumer demand. Retail sales remain above pre-pandemic levels and more stores have announced openings than closings this year.
☆ Julio Torres Thinks Most Comedy Is Too Easy
  + stars: | 2022-10-10 | by ( David Marchese | ) www.nytimes.com   time to read: +11 min
Mamadi Doumbouya for The New York Times Talk Julio Torres Thinks Most Comedy Is Too Easy“I think with me,” Julio Torres says, “it’s like I have some things that I want to show people that are incidentally funny. That’s if, as Torres suggests, comedy is even what he’s doing. I don’t think of comedians as always the most self-assured people. Torres with Cassandra Ciangherotti in “Los Espookys.” Pablo Arellano Spataro/HBOA lot of your comedy pivots on characters having an epiphany. But I feel it behooves me to learn more about the way things are made, the systems, the hierarchies, the business part of show business.
☆ Retailers trot out 12-foot skeletons, haunted house cookie sets to boost Halloween sales
  + stars: | 2022-10-09 | by ( Melissa Repko | ) www.cnbc.com   time to read: +2 min
At the Target department store in Exeter Township Tuesday afternoon for a story on halloween costumes. Cislo, 43, of Dallas, plans to spend about $700 for Halloween to step up his family's front yard decorations. As retailers brace for a lackluster holiday season, many are planning to pump up sales early by dangling a wider assortment of Halloween merchandise. Target executives expressed high hopes for sales of costumes, haunted house cookie building sets and other Halloween merchandise, even after cutting the company's profit outlook twice. That's expected to lift total Halloween spending to a record $10.6 billion, a jump from last year's $10.1 billion, the survey found.
☆ Bed Bath & Beyond, Party City, JCPenney, and more: The biggest retail bankruptcies of the past 15 years
  + stars: | 2019-12-23 | by ( Hayley Peterson | ) www.businessinsider.com   time to read: +1 min
Top editors give you the stories you want — delivered right to your inbox each weekday. Loading Something is loading. The bankruptcies spanned a broad spectrum of retailers, including RadioShack, American Apparel, Borders, Blockbuster, and Sears. Many of these bankruptcies resulted in mass store closings that have helped send hundreds of shopping malls into years-long downward spirals, from which some malls never recovered. Here are some of the biggest bankruptcies of the past decade.
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