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Party City Holdco Inc. has filed for Chapter 11 bankruptcy for the second time in two years as it struggles with declining sales, high inflation, and increased competition. The retailer plans to close around 700 stores and has retained most of its workforce to aid in the winding down process. Despite a previous debt reduction and downsizing, the company reported a $91 million loss in the third quarter of 2023, prompting a second bankruptcy filing with assets and liabilities exceeding $1 billion.
Source: YAHOO