A POPULAR Party City venue is closing its doors for good.
The closed store in Albany, Georgia is trying to use up its remaining supplies with incredible sales.
3
3
The news comes after the chain reached an agreement to emerge from Chapter 11 bankruptcy last year.
This happened after a judge approved the brand’s debt management plan, including the closure of 39 stores.
U.S. Bankruptcy Judge David Jones agreed to bankruptcy terms in 2023, which effectively eliminated $1.4 billion in debt the company was required to pay to its shareholders.
The company first declared bankruptcy in January 2023 after the store faced difficulties with supply chains and product costs.
In particular, the exorbitant price of helium was a blow to the giant balloon seller.
Throughout last year, the chain closed locations in an effort to stay afloat and reduce its debt.
In mid-June last year, Party City closed a total of 30 stores before mass closing nine more before the end of the summer.
But now, fears of a second bankruptcy are growing following this most recent closure.
Although the Albany location is the only one announced to close at this time, these fears exist in the minds of many customers.
More to follow… For the latest on this story, come back often to The US Sun, your go-to destination for the best celebrity news, sports news, real-life stories, jaw-dropping photos and must-see attractions. videos
Like us on Facebook at TheSunUSA and follow us on X at @TheUSSun
This story originally appeared on The-sun.com read the full story
