(Filed Under wholesale Lingerie News). In mid January, Party City and certain of its domestic subsidiaries entered Chapter 11 bankruptcy. Many producers in the intimate apparel and costume industry sell product to the retailer.
The company noted it had “received interim approval of its $150 million debtor-in-possession financing,” and reported its stores will continue to remain open for business. It emphasized that “our Anagram business, as well as our entities outside the U.S., are not part of the proceedings.”
In a letter to suppliers, Party City claimed that the new financing “will provide ample liquidity to support our day-to-day operations and the funds necessary to pay our suppliers during the process.”
As of January 25th, the creditor list contained fewer than 30 names, but is expected to grow. One of the largest claims listed was by KBW Global Corp. for $699,992.17. That firm’s website offers “party products and Halloween masks,” including some costumes and other apparel. — NM
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