Monday, June 1, 2020

Party City buys time with debt deal

Retail Dive
Party City has a deal that would lift $450 million in debt from its balance sheet and raise $100 million in new capital, the struggling party goods retailer said in a press release late last week.

The deal was struck with owners representing 52% of Party City's senior notes due 2023 and 2026.

It comes at a time of uncertainty for the retailer, after it temporarily closed its stores in response to the coronavirus pandemic, following a year of sputtering sales that amplified the risks on its balance sheet. . . . more