Following news yesterday (18 January 2023) on Party City’s Chapter 11 bankruptcy filing, after a period of concern as also noted in media coverage, PartyWorldwide.net / Progressive Party has contacted Joe Hennigan chief executive of Wonder for comment.
“We have offered our former colleagues at Party City our unwavering support as they look to restructure the business and we wish them well in doing so,” said Joe.
“Party City is an iconic brand, and we look forward to the company getting to a more stable platform.
Upon questions surrounding the business structure, Joe added:
“We separated from Party City in January 2021 via a management buy out (MBO) supported by Leeds-headquartered private equity firm Endless and now have a completely different ownership structure.
“This means Wonder is not involved in the Chapter 11 process at all, nor is our business materially exposed.
“None of our people, or the existing commercial relationships we have with our customers, suppliers and licensors, are impacted by what is happening at Party City.
“We regard Party City as a valued trading partner of Wonder and the company will continue to be so during the Chapter 11 process. It is very much business as usual.
“Our focus remains on further growing our business globally and achieving our stated objective of becoming a £500m turnover business by 2026.”
PartyWorldwide.net will continue to record news on Party City’s situation – please contact us if you wish to discuss or add comment.