Shares of party goods provider Party City Holdco (NYSE:PRTY) are trending upwards today after the company filed for chapter 11 bankruptcy protection. The move comes amid soaring prices and a pullback in consumers’ spending patterns.
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While shares of the company are rising today, the stock is still down nearly 93% over the past year. On the other hand, short interest in the stock still remains high at about 14% at present.
At the same time, PRTY’s franchise stores, foil balloons anagram business, and subsidiaries located outside the U.S. will not be part of the restructuring.
Further, PRTY expects to significantly lower its debt and free up cash as a result of the move. The restructuring process is anticipated to be completed in Q2.
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