Party City Holdco Inc. is going through the bankruptcy process with an extra challenge: It has no financial statement auditor.
Ernst & Young LLP abruptly ended its 25-year auditing deal with the party supply retailer on June 5 after a disagreement about how and when the company should have warned the market that there was substantial doubt about its ability to stay afloat over the next year, Party City said in a securities filing after the market close on Friday.
“The company strongly disagrees with EY’s assertions in its resignation letter to the extent that they inaccurately imply that ...
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