Bankruptcy Block

Party City Holdco Inc., the one-stop-shop for all things celebration, is calling it a wrap. The company's 700 stores are holding going-out-of-business sales.

This is the second time Party City filed for Chapter 11 bankruptcy protection in two years. In 2023, a restructuring process eliminated almost $1 billion in debt — not enough to keep the party going.

Party City also faced some serious buzzkills like inflation and — per a New York Post interview with the chain's founder,Steve Mandell— shoddy leadership.

Party City is owned by investment firms such asCapital Group,Davidson Kempner, and.