PCHI and some of its subsidiaries filed Chapter 11bankruptcy protection Dec. 21 in the U.S. Bankruptcy Court for the Southern District of Texas. In the filing, the company states it has from $1 billion to $10 billion in liabilities and from 10,000 to 25,000 creditors. The company had tried to restructure in 2023, eliminating nearly $1 billion in debt. Stores will remain open to facilitate going-out-of-business sales. An employee at the Fort Collins Party City who answered the phone Thursday said he was unable to comment on the closings, and he could not estimate how much longer the store would remain open through its closing sale. Party City is a global leader in the celebrations industry with locations across more than 70 countries. As North America's largest party goods retailer, Party City was considered the go-to retailer for party products. Peters said his son reached out to their Amscan representative last week, and he learned of the immediate shutdown of the company. "It'll be challenging. From catering to everyday products, to licensed products and balloons, there's going to be a lot of scrambling going on to keep things up and fill things back in," Peters said.