Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’

Important Takeaways:

• America’s largest party supply store files for bankruptcy
• The largest party goods and Halloween specialty retail chain in the United States said in a regulatory filing that it reached an agreement with debtholders to cut its $1.7 billion debt load
• Party City has for years battled competition for party goods and decorations, especially from big-box chains and online retailers that sell a wider variety of merchandise.
• Target in particular has increased its party supplies and special events merchandise, said Neil Saunders, an analyst at GlobalData Retail.
• Between 2017 and 2021, Party City’s sales dropped 8% to $2.2 billion. The company projected sales to remain flat in 2022. The company also lost money every year between 2019 and 2021 and said was on track to lose up to $199 million in 2022.

Read the original article by clicking here.