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The largest party store in the U.S., has filed for bankruptcy.
Party City filed for Chapter Eleven protection as it works on restructuring to slash its debt and free up some much needed cash.
The company has suffered for years with increased competition from other stores like Walmart, Target, and of course Amazon.

Plus, demand for party supplies has dropped during the pandemic.
Now, the company says it's secured a hundred and fifty million dollars in financing that'll allow it to keep operating while it restructures.
Which means the eight hundred-plus stores in North America will stay open, and the website is also still a go. So party on, dudes!
That said, do you think the company's woes are the result of bad management, or is this just another indicator of a tough economy?
Let us know in the comments, and follow The Bikini Report for more daily headlines!