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Kekst CNC is handling the bankruptcy filing of Party City Holdco Inc., which has more than 800 celebrations stores in 45 states, as well as Halloween City seasonal pop-up outlets.
Brad Weston, CEO, cited the pandemic, the supply chain crisis and other macroeconomic challenges among reasons for the financial restructuring that will slash corporate debt.
Chapter 11 will strengthen Party City’s balance sheet “and bolster our ability to further advance our strategic priorities and continue to innovate and elevate the customer experience,” he said.
Weston said Party City is “as committed as ever to inspiring joy by making it easy for our customers to create unforgettable memories.”
The financial overhaul of the Woodcliff Lake, NJ-based company is expected to be completed during the second quarter.
Kekst CNC’s Sherri Toub and Wendi Kopsick represent Party City.
Interpublic posted a 5.1 percent drop in Q3 net revenues to $2.5B as CEO Philippe Krakowsky reports the final financial results of the publicly traded company.
Joele Frank handles Pine Gate Renewables as the Asheville, NC-based solar power development company declares Chapter 11 in the aftermath of Donald Trump’s cuts to wind & solar tax credits.
Stagwell CEO Mark Penn reports Q3 net revenues jumped 6 percent to $614.5M, a record performance for a non-political period. Operating income soared 45.7 percent to $60.9M.
Joele Frank works for Klöckner Pentaplast as the German maker of plastic films declares Chapter 11. A successful reorganization would slash its its corporate debt by $1.5B.
Teneo represents Metsera, the New York City biotech focused on weight-control products, which is subject to a bidding war between heavyweights Novo Nordisk and Pfizer.
