Is Party City exploring a return to private ownership?

The retailer is considering a sale after being approached by a private equity firm about a leveraged buyout, Reuters reported. Buyout firm Thomas H. Lee Partners LP, which owns 55% of Party City, took the company public in 2015.

Party City’s retail operations include over 900 specialty retail party supply stores (including approximately 150 franchise stores) throughout North America operating under the names Party…