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A shopper exits a Party City Holdco Inc. store in New York, U.S., on Wednesday, Nov. 7, 2018. Party City Holdco released earnings figures on November 8.

Bloomberg

Party City and some of its U.S. units have filed for Chapter 11 bankruptcy, as the retailer looks to restructure its debt and better compete for sales as consumers’ wallets get hit by inflation.

According to a filing with the U.S. Securities and Exchange Commission, the company said it struck an agreement on Tuesday to reduce its debt.

Party City tapped retail consultants AlixPartners in November as its financial advisor. In January, David Orlofsky, a managing director at the firm, became its chief restructuring officer.

Shares of Party City were up 10% and halted in premarket trading on Wednesday. As of Tuesday’s close, shares traded for just 37 cents and the company’s market value was about $42 million.

This is breaking news. Please check back for updates.

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