PARTY City has risen from the dead just in time for Halloween.
The go-to store for festive costumes, party goods, and decorations for celebrations said in a filing late Thursday that the company is no longer in bankruptcy.
The celebrations goods store said that it had "completed its restructuring process and emerged from Chapter 11 financially stronger and well positioned for the future," in a statement shared with The U.S. Sun.
“We are thrilled to celebrate the successful conclusion of our restructuring and the bright future that lies ahead for PCHI [Party City Holdco Inc.],” said the company's chief executive officer Brad Weston.
Back in January Party City filed for Chapter 11 after struggling with low sales, a liquidity crunch, and supply issues for several months.
To combat the financial difficulties Party City underwent a complete restructuring, which the U.S. Bankruptcy Court for the Southern District of Texas approved in September.
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This resulted in a new exit ABL facility of $562 million, in addition to a $75 million new money investment to fund operations and distributions going forward.
The retailer said the overhaul "substantially strengthened its capital structure" by cutting almost $1 billion in debt and improving its liquidity.
Party City also said that it was able to optimize its portfolio by negotiating leases and closing stores that were not performing well.
The company also announced plans to "move forward with nearly 800 Party City locations nationwide."
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Still, despite the turnaround, Weston announced his plans to resign on November 3.
“Based on all that has been accomplished over the last several years – strategically, operationally, and financially – PCHI has emerged with an excellent foundation in place to drive long-term growth," he said.
Weston elaborated on his decision to step down: "At this juncture, with the restructuring now behind us, the timing is right to pass the baton."
He went on to express his faith in his replacement Sean Thompson, who currently serves as chief commercial officer and president, and will take over as interim CEO.
"I'm confident [Sean] will build on the significant strides that have been made as PCHI continues to expand its market leadership and enhance the customer experience,” said Weston.
A number of other board members have also resigned including Norman Matthews, Joel Alsfine, Steven Collins, James Conroy, William Creekmuir, Sarah Dodds-Brown, Jennifer Fleiss, John Frascotti, and Michelle Millstone-Shroff.
The retailer's remaining board members include Neal Goldman, Robert Hull, Mark King, Anthony Truesdale, and Weston.
In honor of Friday the 13th Party City is offering customers "scary good deals" starting on the superstitious day.
With up to 30% off select costumes and accessories, you'd think Jason Voorhees slashed these prices.
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