Mar 30, 2020
Party City temporarily extends store closures
Party City Holdco Inc. provided on its response to COVID-19.
“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,” Brad Weston, CEO, stated.
Extending Store Closures
The Company announced 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 Update
As 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.