A shopper exits a Party City Holdco Inc. store in New York, U.S., on Wednesday, Nov. 7, 2018. Party City Holdco released earnings figures on November 8.
According to a filing with the U.S. Securities and Exchange Commission, the company said it struck an agreement on Tuesday to reduce its debt.
Party City tapped retail consultants AlixPartners in November as its financial advisor. In January, David Orlofsky, a managing director at the firm, became its chief restructuring officer.
Shares of Party City were up 10% and halted in premarket trading on Wednesday. As of Tuesday’s close, shares traded for just 37 cents and the company’s market value was about $42 million.
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