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Party City files for Chapter 11 bankruptcy protection

Party City said it had reached a pre-negotiated agreement with a bondholder group to support an ‘expedited restructuring’ which it expects to complete in the second quarter.

The retailer reported $1 billion to $10 billion of estimated assets and liabilities, and said it had obtained $150 million in debtor-in-possession financing to support its operations.

Party City’s subsidiaries outside of the US, its franchise stores, and its Anagram business were not part of the bankruptcy proceedings. The company said its stores would continue to remain open.

More news will follow on as it happens.

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