the company. In response the company placed itself on the market.In June 2018, Party City announced that it would open around 50 Toy City pop-up stores beginning in September 2018, alongside its Halloween City stores. The stores operated through the conclusion of the holiday season, and was meant to capitalize upon the closure of the U.S. locations of Toys "R" Us. Some of its locations utilized vacancies created by the Toys "R" Us shutdown. In May 2019, it was announced that the chain would be closing 45 locations "to help optimize our market-level performance, focus on the most profitable locations, and improve the overall health of our store portfolio". Party City's Canadian operations were acquired by Canadian Tire in August 2019 for $174.4 million CAD. Party City’s parent organization is Party City Holdings Inc. 2023–present: Bankruptcy and restructuring In early 2023, rumors surfaced the company had intention to file for Chapter 11 bankruptcy in the United States. Party City Holdco Inc. filed for bankruptcy on January 17, 2023, weighed down by a confluence of factors including the pandemic and changing consumer behavior. The move is part of an attempt to restructure and reduce the company's debt. The company secured $150 million in financing that will allow it to keep its stores open and operations running. The move will help the company complete an "expedited restructuring" to reduce its debt that should be done by the second quarter of 2023. References External links See also Smiffys Jakks Amscan Party stores of the United States American companies established in 1986 Retail companies established in 1986 2015 initial public offerings Rockaway, New Jersey Companies based in Morris County, New Jersey Companies listed on the New York Stock Exchange 1986 establishments in New Jersey Companies that filed for Chapter 11 bankruptcy in 2023