Party City Immediately Closing All Stores After 38 Years In Business

Brian Niemietz, Chicago Tribune: Business
Fri, 12/20/2024 - 2:00pm

The party is over for Party City as the retail giant announced Friday it’s going out of business and immediately closing all its stores after nearly 40 years. The party supply chain told employees in a Friday meeting that it would be their final day working for the New Jersey-based company, according to CNN. “That is without question the most difficult message that I’ve ever had to deliver,” CEO Barry Litwin reportedly said in a video conference call, telling workers they were losing their jobs five days before Christmas and would be cut loose sans severance pay or benefits. Litwin announced in August he was taking over leadership of the struggling company and its more than 700 stores during a “pivotal” period of repositioning for the business. The country’s largest party supply store declared bankruptcy at the start of 2023, which allowed the company to cancel nearly $1 billion in debt, CNN reported.

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Party City Immediately Closing All Stores After 38 Years In Business

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