All articles tagged with #party city
In 2025, several well-known retail stores including Forever 21, Joann Fabrics, Party City, and Rite Aid closed down due to bankruptcy and financial struggles, marking a significant shift in the retail landscape amid economic challenges.
Party City, the party goods and Halloween supply retailer, has received approval for its Chapter 11 restructuring plan, allowing it to reduce its debt by $1 billion. However, shareholders will bear the brunt of the restructuring as their shares will be wiped out. The company's lenders will convert the debt into equity shares. Despite the setback for shareholders, Party City expects to emerge as a stronger business and will only need to close a few of its 800 stores, preserving thousands of jobs. The bankruptcy filing was prompted by supply chain issues, rising inflation, and a consumer slowdown.
Bed Bath & Beyond plans to close all of its stores by June 30 as part of its restructuring efforts, but stores included in a potential sale could remain open. Party City is also closing some of its stores by June 26 as part of its expedited financial restructuring process. The retail industry has seen a growing number of bankruptcies this year, including David's Bridal, which filed for bankruptcy protection in April and plans to close all of its locations if it can't find a buyer.