Party City extends store closures, taps into credit

Party City Holdco Inc. is extending the temporary shuttering of its stores.

The retailer said Friday that its corporate-owned stores will remain closed until further notice.  

“We are temporarily extending our store closures as the health and safety of our team members and customers remain of paramount importance during this unprecedented time,” said CEO Brad Weston. “We are also aggressively managing all expenses, working capital and capital expenditures to maintain our financial health.” 

Party City, which operates 875 stores throughout North America under the Party City and Halloween City banners, has drawn down $150 million from its $640 million revolving credit facility. It has also withdrawn its fiscal 2020 guidance.