Part 6/10:
The following years posed unforeseen challenges. An acute helium shortage impacted one of the company's most lucrative product categories: balloons. Despite revenue peaks in 2018, the company was ill-prepared for the COVID-19 pandemic, which curtailed social gatherings and significantly reduced sales. Competitors began to encroach on previously untouched market segments, further siphoning off customer interest. By 2022, Party City faced looming insolvency and announced a Chapter 11 bankruptcy filing in January 2023.