Party City, the U.S.’s largest party goods chain, has filed for bankruptcy protection, the retailer announced.

Drowning in $1.7 billion of debt, the company said it has secured $150 million in financing that would allow it to keep its more than 800 stores open and operations intact as it undertook an “expedited restructuring.”

The move for bankruptcy protection came in a Tuesday filing with the Securities and Exchange Commission.

The company and retail experts cited competition and pandemic-induced rising costs coupled with inflation’s dampening effect on consumer spending. There’s also been a shortage of helium that popped its mainstay balloon business, they said.

Sales dropped 8% between 2017 and 2021, to $2.2 billion and were expected to stay the same for 2022 as the effects of lockdowns and store closures took hold, Reuters noted.

Party City could end up having lost $199 million for last year. In December, it was on the verge of being dropped from the New York Stock Exchange because its stock price had been below an average $1 per share for 30 trading days, CNN reported.