ROME, Ga. — Two Party City locations in north Georgia are set to close after the company filed in bankruptcy court.
On Jan. 17, 2023, Party City Holdco Inc. leaders announced that they entered into an agreement with an ad hoc group of holders to reduce debt and optimize its capital, company leaders said in a press release.
According to court documents, Party City Holdco Inc. filed Chapter 11 in the United States Bankruptcy Court for the Southern District of Texas.
[DOWNLOAD: Free WSB-TV News app for alerts as news breaks]
When a corporation files for chapter 11 of the Bankruptcy Code, this gives it reorganization to keep the business alive and pay creditors over time, according to the United States Courts website.
Court officials named 10 store locations that must shut down as part of the Chapter 11 filing.
The following Georgia Party City locations were ordered to close:
- 2702 Martha Berry Rd. Rome, GA 30165
- Cartersville Crossing 451 E Main St Cartersville, GA 30120
TRENDING STORIES:
- Georgia city named one of ‘10 Best Places to Live on the East Coast’
- Cobb school bus driver arrested after mom says he barged into home looking for her young daughter
- Ohio woman dies after attack by her dog, police say
“As we take this important step to put our business on stronger financial footing for the future, we are as committed as ever to inspiring joy by making it easy for our customers to create unforgettable memories,” said Brad Weston, Chief Executive Officer of PCHI. “We appreciate the commitment of our team members and the continued support of our partners as we further enhance our position as the ‘go to’ one-stop-shop for celebrating life’s special moments.”
[SIGN UP: WSB-TV Daily Headlines Newsletter]
It is unclear when the two stores must be closed by.
According to court documents, each of the 10 stores nationwide must file objections before Thursday if they wish to fight the motion.
IN OTHER NEWS:
©2022 Cox Media Group
