FILE A shopper leaves a Party City store in Vernon Hills, Ill., Thursday, Oct. 15, 2020. Party City Holdco Inc. has filed for Chapter 11 bankruptcy protection, Wednesday, Jan. 18, 2023 as the party supply chain confronts inflationary pressures and a pullback in consumer spending. The party supplies chain, which operates more than 800 company-owned and franchise stores throughout North America, has been long struggling with increased competition from the likes of Walmart and Target. (AP Photo/Nam Y. Huh, File) (Nam Y. Huh, Copyright 2020 The Associated Press. All rights reserved.)
Party City filed for Chapter 11 bankruptcy protection on Tuesday, making it the latest casualty in the U.S. retail industry as persistently high inflation takes a toll on consumer spending.
Troubled retailers often seek bankruptcy protection following the holiday season to take advantage of the cash cushion provided by recent sales.
Recommended Videos
Bed Bath & Beyond raised doubts about its ability to continue as a going concern earlier this month.
