Turn out the lights, Party City is over.
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The development team was recalled from its yearly trip with vendors and told to go home immediately two weeks ago, according to a former corporate office employee who spoke to CNN.
The team was informed that the company believed the trip posed a safety risk since Party City stopped paying its suppliers.
All Party City corporate employees were sent home on Dec. 10 and security locked the front entrance of company headquarters in Woodcliff Lake, NJ.
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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.
So what the heck happened with that plan? It isn’t clear from the article. Though “The company had considered filing for bankruptcy a second time earlier this month…”