Retailer Party City files for bankruptcy, will wind down 700 stores

Party City, struggling since the COVID-19 pandemic, filed for its second Chapter 11 bankruptcy in two years. The retailer plans to wind down its 700 stores and wholesale operations with going-out-of-business sales. Senior lenders will provide financial support during the closure process. Amscan, a Party City Holdco-operated subsidiary, also filed for bankruptcy.