Artur Widak/NurPhoto via Getty ImagesParty City's CEO told employees the specialty retailer is "winding down" operations, CNN reports.The company was impacted severely by the COVID-19 pandemic and never fully recovered.The company spent much of the past two years in bankruptcy proceedings and has closed 80 locations.Party City's balloon is out of air.CEO Barry Litwin, who took the job in August, told Party City's corporate employees on Friday that operations were "winding down" immediately, CNN reported.The news follows reports last week that the company was contemplating a second bankruptcy in two years as debt continued to weigh on profitability.A spokesperson for Party City did not immediately respond to a request for comment from Business Insider.Litwin told employees the company had done what it could to avoid shutting down but that, "unfortunately, it's necessary to commence a wind-down process immediately," CNN reported.Party City navigated a pre-pandemic shortage of helium for balloons, securing a new supply source.It was impacted severely by the COVID-19 pandemic, when lockdowns and social distancing ended many celebratory gatherings, and other mass retailers like Amazon, Walmart, and Target stepped up their party supply offerings.The company spent much of 2023 in bankruptcy proceedings and reportedly closed 80 locations, or roughly a tenth of its store fleet.It exited bankruptcy in September 2023, after a judge canceled $1 billion of its debt.
Party City Is Reportedly Going Out Of Business And Closing All Stores
dreuter@businessinsider.com (Dominick Reuter), Business Insider
Fri, 12/20/2024 - 12:22pm
Topics: artur widak/nurphoto getty imagesparty city's ceo ceo barry litwin august amazon walmart target september party city's party city ceo cnn covid-19 business insider reportedly company bankruptcy immediately told employees impacted winding supply operations proceedings debt severely spent pandemic years closed
BING NEWS:
- Party City closing all stores after almost four decades of business
Party City, which has been in business for nearly four decades, is set to close all of its stores, according to a report.
12/20/2024 - 2:03 pm | View Link - Party City Closing All Stores, Going Out of Business After 40 Years
Party City is wrapping up their nearly 40 year dedication to partying and celebrating all different parts of life. According to several reports, the retail party chain is closing all of its stores in ...
12/20/2024 - 11:49 am | View Link - Party City is reportedly going out of business
According to reports, the Woodcliff Lake-based specialty retailer’s CEO, Barry Litwin, spoke with corporate employees during a Dec. 20 meeting, telling them the company is “winding down” operations ...
12/20/2024 - 11:30 am | View Link - Party City's curtain call | Here are the Austin-area stores reportedly set to close
The nation's largest party supplier has been in business for nearly 40 years and has more than 850 locations nationwide.
12/20/2024 - 10:49 am | View Link - Party City closing all stores after 38 years in business
The party is over for Party City as the retail giant announced Friday it was going out of business and closing all its stores after nearly 40 years.
12/20/2024 - 10:26 am | View Link - More
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