The owner of retail chain Party City has filed for bankruptcy protection. The Woodcliff Lake, New Jersey-based retailer, with a store in Nanuet, filed for Chapter 11 protection and entered into a restructuring agreement with a bondholder group to substantially reduce its $1.67 billion debt load. WRCR market analyst Ken Mahoney of Mahoney Asset Management in Chestnut Ridge, says generally speaking, these kinds of filings tend to mean the end is near…
Al Samuels is the president and CEO of the Rockland Business Association, and while he’s not familiar with Party City’s issues specifically, he says retail has been hammered since COVID and by online threats…
NJBiz.com says the company has more than more than 900 corporate-owned stores and franchise outlets around the country. They opened their Woodcliff Lake headquarters in October. The company has also been delisted from the New York Stock Exchange.