Party City, Amid Rising Prices, Seeks Bankruptcy Protection

Pix11

Party City has filed for Chapter 11 bankruptcy protection after struggling with rising prices and a pullback in customer spending.

The company, based in Woodcliff Lake, New Jersey, said that its franchise stores, subsidiaries outside of the U.S. and its foil balloons Anagram business are not part of the restructuring and will remain core components of its business.

Party City Holdco Inc., said its more than 800 company-owned and franchise stores throughout North America will remain open, and customers can still shop on the company website.

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