Party City, a New Jersey-based party supplies company, is planning to close all its stores in early February, more than a year after exiting bankruptcy. The company’s CEO, Barry Litwin, informed corporate employees that operations would be winding down immediately and today would be their last day of employment.
Party City has struggled for years before the pandemic, and its exit from bankruptcy in September 2023 did not seem to save it from further decline. Store managers have been told to shut down locations by February 1, while some store employees received letters citing a closing date of February 28.
The company’s decision comes as no surprise, given its struggles for years. Party City has nearly 800 locations in the US and was expected to close stores regardless of the date announced. The closure marks the end of an era for the party supplies retailer, which has been struggling to stay afloat in a rapidly changing retail landscape.
Source: https://www.axios.com/2024/12/20/party-city-closing-stores-going-out-of-business