Rome, Cartersville Party City stores closing

Wednesday, Feb. 22, 2023–3:32 p.m.

-David Crowder, WRGA News-

The Party City store in Rome will be closing, according to court documents, as the company works its way through bankruptcy.

The Rome Party City is on Martha Berry Highway in front of Mt. Berry Square Mall. The company will also be closing its store on East Main Street in Cartersville.

“Like other retailers, we regularly review our Party City store footprint to ensure that we are best positioned for the future,” a company spokesman said. “Based on a comprehensive analysis of our lease portfolio recently performed and ongoing negotiations with our landlords, we are closing a select number of stores that have been identified as underperforming and continue to evaluate our store base on a location-by-location basis – even as we open new stores that align with our go-forward strategy. We are seeking to provide affected employees with opportunities at other locations where possible.”

Party City Holdco Inc., the parent company of the party goods and Halloween specialty store, filed voluntary Chapter 11 petitions for relief in the U.S. Bankruptcy Court for the Southern District of Texas on Jan. 17, 2023, in order to implement the Company’s pre-negotiated restructuring.

According to a new release from PCHI, they have entered into an agreement with an ad hoc group of holders of more than 70% of the Company’s senior secured first lien notes to support an expedited restructuring that would substantially reduce PCHI’s debt and optimize its capital structure and liquidity. This would ensure that PCHI is best equipped to continue to advance its transformational initiatives and enhance its market leadership in all things celebration from a strengthened financial position.

“In the face of pandemic headwinds, a global supply chain crisis, and other macroeconomic challenges that have faced our industry, we have made significant strides in PCHI’s ongoing transformation – establishing a solid foundation for long-term growth and continued success as the market leader in the celebrations space,” said Brad Weston, Chief Executive Officer of PCHI. “Today’s action to strengthen PCHI’s balance sheet will bolster our ability to advance our strategic priorities further and continue to innovate and elevate the customer experience.”

Weston added, “As we take this important step to put our business on a 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. 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.”

The court documents did not list a time frame on when the Rome and Cartersville stores will be closing their doors.

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