⚡New Chapter 22 Bankruptcy Filing - Party City Holdco Inc.⚡
The party is finally over.
Remember when we previewed there’d be a chapter 22 from Party City Holdco Inc.?
💥This Party Sucks💥
Well less than a week later on December 21, 2024, it and 6 affiliates (collectively, the “debtors”) filed bankruptcy cases in the Southern District of Texas (Judge Perez) to, well, evaporate into thin air:
Having filed so quickly after our write-up, we didn’t feel compelled to cover the actual filing — after all, it’s just another brick and mortar retailer aiming for a plan of liquidation. But, it turns out, plans of liquidation are … 😬 … seemingly aspirational things in this RX environment and so we now feel compelled to, at least cursorily, cement this sh*t show in the PETITION archive. Let’s make quick work of this, shall we?
Similar to JOANN Inc. 👆, these debtors entered bankruptcy with a dramatically smaller balance sheet thanks to a predecessor filing.* There remained, however, a healthy amount of funded debt …