Party City Files for Bankruptcy. Why the Party Won’t Stop for Other Retailers.

Party City

‘s decadeslong jamboree is coming to an end, now that the retailer has filed for bankruptcy protection following years of weak financial results.

The company said it filed for voluntary chapter 11 relief in the U.S. Bankruptcy Court for the Southern District of Texas late Tuesday night. In addition, it has entered into a restructuring agreement with a group of debtholders who hold more than 70% of the company’s senior secured first lien notes in a bid to expedite the process.