Party City prepared to file for bankruptcy within few weeks
Business
Retailer of Party supplies which has $41 million market valuation is experiencing decreased sales
(Web Desk) - Party City Holdco Inc is prepared to file for bankruptcy within the next few weeks as its cash has been depleted and inflation has slowed sales, the Wall Street Journal reported on Friday.
In afternoon trading, business shares of Party City dropped by roughly 50 percent to 18 cents.
The retailer of party supplies which has a $41 million market valuation has been experiencing decreased sales as a result of the demand for its items being negatively impacted by consistently rising inflation.
According to the article the corporation is negotiating with its bondholders to convert debt into equity in order to balance the books.
The article also mentioned that Party City had hired AlixPartners LLP to assist on restructuring.
