Party City , Files for Bankruptcy.<br />CNN reports that America's largest party supply store filed for bankruptcy protection on Jan. 17.<br />In a regulatory filing, Party City said it struck a deal with debtholders to reduce its $1.7 billion in debt. .<br />The company has been financed $150 million to keep stores open and operating.<br />The company has been financed $150 million to keep stores open and operating.<br />In addition to competition from rivals <br />such as Target and Spirit Halloween, .<br />In addition to competition from rivals <br />such as Target and Spirit Halloween, .<br />In addition to competition from rivals <br />such as Target and Spirit Halloween, .<br />other factors such as rising costs <br />amid the pandemic and a shortage of <br />helium led to the retailer's collapse.<br />CNN reports that the helium shortage <br />hurt Party City's balloon business.<br />[Balloons are a] focal point of our growth strategy and are a key driver of our differentiated brand experience, Party City, via regulatory filing.<br />Party City previously said it was on track to hemorrhage close to $199 million in 2022.<br />The company also said it was at risk of being removed from the New York Stock Exchange because its shares averaged less than $1 for 30 days.<br />The company also said it was at risk of being removed from the New York Stock Exchange because its shares averaged less than $1 for 30 days
