Party City filed for Chapter 11 bankruptcy protection on Tuesday, January 17, 2023 in the United States Bankruptcy Court Texas Southern , case number 4:23bk90005. Party City reported approximately $2,869,448,000 (billion) in assets and $3,022,960,000 (billion) in liabilities as of their last reporting on September 30, 2022.
During the pandemic, consumers dramatically reduced their spending on party supplies, labor shortages and supply chain issues added to the problem when restrictions from Covid-19 were loosened. Add to that, the helium shortage, recession and competition from other retailers and e-commerce.
Sarachek Law Firm is a creditors rights law firm. If you are a creditor foreign or domestic in the Party City bankruptcy it is important to act swiftly to recover your receivables from Party City Holdco, Inc. We work on a contingency fee basis. We get paid when you get paid.
We represent over 100 vendors with $100 million owed in Sears Holdings Corp. and Transformco, and we have obtained favorable recoveries for our clients. We also obtained critical vendor status for our numerous clients in J. Crew. We have also represented and obtained recovery for vendors of JC Penney, Coldwater Direct, Centric Brands, and Century 21.
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