Retailer Party City PRTYQ has emerged from bankruptcy, it said in a filing late Thursday. The company filed for Chapter 11 in January after months of struggles with lower sales, a liquidity crunch, and supply problems. The retailer said that through the restructuring it “substantially strengthened its capital structure” by cutting nearly $1 billion in debt, enhanced its liquidity, and “optimized its Party City store portfolio” by negotiating leases and closing less productive stores. In connection with the bankruptcy exit, Chief Executive Brad Weston said he plans to resign on Nov. 3, with Chief Commercial Officer Sean Thompson becoming interim CEO.
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