The party is over for Party City.
The New Jersey-based retailer will shutter all of its stores after running out of money to stay in operation.
The company had considered filing for bankruptcy a second time earlier this month after initially filing for one last year as it struggled to pay rent at some locations.
Party City, which is known for selling balloons and other party supplies, first filed for Chapter 11 bankruptcy protection in January last year, with $150 million in debtor-in-possession financing to support its operations and reported $1 billion to $10 billion of estimated assets and liabilities.
In September, the retailer reached a plan to exit bankruptcy, which saw a cancellation of about $1 billion in company debt and turned all its equity value over to the retailer’s lenders.
Troubled retailers often seek bankruptcy protection following the holiday season to take advantage of the cash cushion provided by recent sales.
This is a developing story. Check back for updates.
