Party City Provides Further Update on Response to COVID-19
March 27 2020 - 6:55AM
Party City Holdco Inc. (the “Company” or “PRTY”; NYSE:PRTY) today
provided a further update on its response to COVID-19.
Brad Weston, CEO, stated, “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. We are also aggressively managing all expenses, working
capital and capital expenditures to maintain our financial health.
We appreciate the patience of our team members and customers as we
work to resume full operations as soon as conditions permit.”
Extending Store ClosuresThe Company announced
today that it is extending the temporary store closures of its
corporate owned and operated retail locations in the United States.
Stores will remain closed until it is practical to reopen. The
Company will continue to evaluate health conditions and will take
into account available guidance provided by federal, state, and
local government officials when making decisions to reopen stores.
Curbside pickup of online orders is being expanded to additional
markets. Customers can find store specific details on
www.partycity.com.
Increasing Financial Flexibility The Company
elected to access an additional $150 million from its $640 million
senior secured asset-based revolving credit facility. The Company
currently does not have any immediate use for the funds, and it has
made the withdrawal out of an abundance of caution.
Full Year 2020 Outlook UpdateAs a result of the
disruption and uncertainty caused by the COVID-19 pandemic, the
Company is withdrawing its fiscal 2020 financial guidance provided
on March 12, 2020, and is not providing an updated financial
outlook at this time.
About Party City
Party City Holdco Inc. is the leading party goods company by
revenue in North America and, we believe, the largest vertically
integrated supplier of decorated party goods globally by revenue.
The Company is a popular one-stop shopping destination for party
supplies, balloons, and costumes. In addition to being a great
retail brand, the Company is a global, world-class organization
that combines state-of-the-art manufacturing and sourcing
operations, and sophisticated wholesale operations complemented by
a multi-channel retailing strategy and e-commerce retail
operations. The Company is the leading player in its category,
vertically integrated and unique in its breadth and depth. Party
City Holdco designs, manufactures, sources and distributes party
goods, including paper and plastic tableware, metallic and latex
balloons, Halloween and other costumes, accessories, novelties,
gifts and stationery throughout the world. The Company’s retail
operations include approximately 875 specialty retail party supply
stores (including franchise stores) throughout North America
operating under the names Party City and Halloween City, and
e-commerce websites, principally through the domain name
www.partycity.com.
Contacts
Investor Relations
ICR
Farah Soi and Rachel Schacter
203-682-8200
InvestorRelations@partycity.com
Media Relations
ICR
Brittany Fraser
203-682-8200
PartyCityPR@partycity.com
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